1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20092Updated June 28, 2006Public Debt Reduction FundPamela J. JacksonAnalyst in Public Sector EconomicsGovernment and Finance DivisionSummaryReducing the federal public debt is regar
2、ded as an important goal by manytaxpayers. The Public Debt Reduction Fund provides for the acceptance of monetarygifts to be used for reducing the public debt by the Secretary of the Treasury and theAdministrator of General Services. Contributions may be taken as a charitablecontribution deduction b
3、y taxpayers who itemize their deductions in the year followingthe contribution. Since the funds inception in 1961, over $65 million has been donated.This report will be updated as developments warrant.Current LawA deficit is the difference between government receipts (such as taxes and otherrevenues
4、) and expenditures (often referred to as outlays). The public debt that is held bythe public is the accumulation of prior deficits. The Treasury borrows money by sellingsecurities to the public. For those who see federal debt reduction as a laudable goal,current law provides a method whereby gifts m
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