H.R. 846 · 118th Congress
DEBT Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
SchweikertSponsor4 cosponsors · 4 R
2 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 appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations.
What it does: CRS summary · Introduced in House · Feb 6, 2023
Debt Explanation Before Taxwriters Act or the DEBT Act
This bill requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations.
The term extraordinary measures generally refers to a series of actions that the Department of the Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds.
The bill requires the Secretary of the Treasury to appear before the committees to provide a detailed explanation of (1) the extraordinary measures that Treasury will take and the administrative costs of taking the measures, and (2) any reversal of such measures and any other changes in the funding of federal government obligations.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: DEBT Act
Also known as: Debt Explanation Before Taxwriters Act
Latest action (Feb 6, 2023): Referred to the House Committee on Ways and Means.
Policy area: Economics and Public Finance · Origin: House · Introduced: Feb 6, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.