H.R. 523 · 115th Congress
Debt Transparency and Accountability Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MarchantSponsor10 cosponsors · 10 R
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Meehan
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Schweikert
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Tiberi
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Holding
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Hensarling
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Norman0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury anticipates the public debt will reach the statutory limit.
What it does: CRS summary · Introduced in House · Jan 13, 2017
Debt Transparency and Accountability Act
This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury anticipates the public debt will reach the statutory limit.
The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a debt report including: (1) historic, current, and projected levels of debt; (2) the drivers and composition of future debt; and (3) how the United States will meet debt obligations if the debt limit is raised.
The Secretary must also provide a detailed explanation of:
- proposals to reduce the debt and a progress report on implementing them;
- the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency;
- projections of the fiscal health and sustainability of major entitlement programs;
- any extraordinary measures Treasury intends to take to fund federal government obligations if the debt limit is not raised and projections of the administrative cost and duration of the measures.
Treasury must make specified information required by this bill available to the public on its website.
Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Debt Transparency and Accountability Act
Latest action (Jan 13, 2017): Referred to the House Committee on Ways and Means.
Policy area: Economics and Public Finance · Origin: House · Introduced: Jan 13, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.