Intergovernmental Countercyclical Assistance Act

[AI summary unavailable — showing source text] Intergovernmental Countercyclical Assistance Act - Declares it to be the policy of the United States and the purpose of this Act to make State and local government budget-related actions more consistent with Federal Government efforts to stimulate national economic recovery; to enhance the stimulative effect of a Federal Government income tax reduction; and to enhance the job creation impact of Federal Government public service employment programs. Authorizes the Secretary of the Treasury to make emergency support grants to State and local governments to carry out the purposes of this legislation. Authorizes for each of 12 succeeding calendar quarters (beginning with the first calendar quarter after the date of enactment of this Act) $500,000,000 when the national seasonally adjusted unemployment rate reaches 6 percent plus an additional $250,000,000 for each whole percentage point over 6 percent of the national seasonally adjusted unemployment rate for the preceding calendar quarter. Provides that no funds would be authorized for any calendar quarter during which the national unemployment rate was under 6 percent. Provides that the Secretary of the Treasury shall reserve one-third…