Bill Would Allow Taxpayers To Directly Reduce Nation's Debt

A new bill co-sponsored by Sens. John McCain (R-Ariz.) and Marco Rubio (R-Fla.) would give taxpayers the ability to dictate how some of their dollars get spent.

The Debt Buy-Down Act gives Americans the option of instructing the Internal Revenue Service to put 10% of their taxes toward paying down the nation’s $14 trillion debt.

“At a time when too many of our congressional leaders are unwilling to deal with the debt crisis, and our President is absent from the debate, this will give individual Americans the chance to deal with it themselves,” Rubio said in a statement.

Though the bill is a long-shot to pass, it will at least draw the support of many Republicans eager to find ways to respond to voter concerns over the amount of money the U.S. owes.