Sale of firearms

(a) In general Not later than the date which is 30 days after the date on which the transfer described in section 4 has been completed, the Administrator of General Services shall— (1) initiate the sale or auction of any firearms described in paragraph (1) of such section to licensed dealers (as defined in section 921(a)(11) of title 18, United States Code); and (2) initiate the auction of any ammunition described in paragraph (2) of section 4 to members of the general public. (b) Proceeds Any proceeds from the sale or auction of property described in subsection (a) shall be deposited in the general fund of the Treasury for the sole purpose of deficit reduction.