This bill adds a new requirement for the Secretary of the Treasury to send detailed reports to key congressional committees before the debt limit is raised or when a suspension is about to end. The required report must describe current and historical public debt, future debt projections, the drivers and composition of future debt, and how the United States will meet principal and interest payments. The bill also requires a "statement of intent" that explains the President's proposals to reduce or slow debt growth in the short term (current and next three fiscal years), medium term (about five to nine years), and long term (about ten to twenty-five years). That statement must also describe the impact of increasing the debt limit versus leaving it unchanged, including effects on government spending, debt service, and the U.S. dollar's role as an international reserve currency, and must include projections for Social Security, Medicare, and Medicaid.
Within 180 days after any increase or suspension of the debt limit takes effect, the Treasury must send a progress report on implementing the President's proposals. The bill defines the deadlines that trigger reporting: when debt subject to the limit reaches 99.5% of the limit and, if the limit is suspended, one month before that suspension expires. The Treasury must post publicly accessible links to each report on its website for at least six months.
The bill also requires the Treasury, within 30 days of a written request from the Chair of the House Ways and Means Committee or the Chair of the Senate Finance Committee, to provide certain financial and economic data. That data includes cash flow and debt transaction information used for the Daily Treasury Statement (current balances, receipts, and payments), operating cash balance projections, and information on any extraordinary measures used to avoid breaching the debt limit.
No publicly available information.
The bill text states its purpose is to provide more accountability about the public debt and to promote fiscal responsibility. Sponsors require reports and data access so Congress receives more information about debt levels, projections, and proposals to reduce or slow debt growth.
No publicly available information.