DEBT Act
Sponsored By: Representative Schweikert, David [R-AZ-1]
Introduced
Summary
Requires the Treasury Secretary to brief the House Ways and Means and Senate Finance Committees 21–60 days before the public debt hits the legal limit or before using extraordinary measures. The briefing would spell out which extraordinary measures Treasury plans to use, estimate the administrative costs of those steps, and explain any reversals or other changes in how federal obligations are funded.
Show full summary
- Members of the House Ways and Means Committee and the Senate Finance Committee would receive a mandatory, detailed explanation and timeline of planned debt-limit actions and costs.
- The Department of the Treasury would need to prepare in-person appearances and written cost estimates for any extraordinary measures, increasing reporting and planning duties.
- Managers and participants in funds named by the bill, such as the Civil Service Retirement and Disability Fund, the Postal Service Retiree Health Benefits Fund, the Thrift Savings Fund, and the Government Securities Investment Fund, would get explicit notice about any planned suspensions, redemptions, or reinvestment changes.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Early Treasury briefing on debt limit
The bill would require the Treasury Secretary to brief Congress 21 to 60 days before the debt limit is expected to be hit or before using extraordinary measures. The briefing would explain the planned steps to keep paying bills and estimate their administrative costs. It would also explain how those steps would be unwound and any funding changes if the limit is raised. The bill would define “extraordinary measures” as nine specific actions, such as pausing sales of State and Local Government Series bonds, suspending or redeeming investments in civil service and postal retiree funds, and pausing reinvestments in the G Fund and the Exchange Stabilization Fund. This could improve transparency and reduce uncertainty around debt-limit events.
Sponsors & CoSponsors
Sponsor
Schweikert, David [R-AZ-1]
AZ • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov