U.S. Rep. William L. Owens, D-Plattsburgh, has reintroduced legislation in the House of Representatives called the War on Debt Act, which aims to reduce the national deficit by encouraging investment and imposing spending limits on the federal government.
The bill calls for the creation of a special type of savings bond that would be used exclusively to buy up national debt, particularly debt held by foreign countries.
In addition, the legislation also would set spending limits for the federal government 3 percent of the gross domestic product for the annual deficit and 10 percent of the countrys three-year average GDP for the national debt.
This is the third time the bill has been introduced. It had no co-sponsors as of Tuesday afternoon.