Debt Solution and Accountability Act | ChamberLight
Bills · HR 6895
IN COMMITTEE· 119TH CONGRESS
House BillHR 6895Economics and Public Finance
Debt Solution and Accountability Act
INTRO DEC 18· LAST ACTION DEC 18
READING
4MIN
COSPONSORS
8BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8
Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
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This bill matters because it fundamentally changes how information about the national debt is shared and discussed, especially during critical moments when the government needs to increase its borrowing limit. Currently, debates over the debt ceiling can be contentious, and this bill aims to ensure that these discussions are based on a comprehensive understanding of the debt's drivers and potential solutions from the executive branch.
If this bill becomes law, it would compel the President and the Treasury Department to publicly outline concrete strategies for debt reduction before Congress votes to raise the debt limit. This increased transparency could lead to more substantive policy debates, force lawmakers to confront the nation's fiscal challenges with more data, and give the public a clearer picture of government finances. If it doesn't become law, the current process continues, where the level of detail provided by the executive branch during debt ceiling discussions might vary, and the public may not have as direct and consistent access to the President's specific debt reduction plans.
KEY PROVISIONS
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PROVISION 01
Requires the Secretary of the Treasury to submit a detailed report to Congress before the national debt limit is increased or its suspension expires.
This provision ensures that Congress receives comprehensive financial information and policy proposals before making critical decisions about the nation's borrowing authority.
PROVISION 02
The report must include current and projected debt levels, the causes of future debt, how the U.S. will meet its obligations, the President's debt reduction proposals, and the impacts of changing the debt limit.
This ensures that a broad range of critical financial data and specific executive branch strategies are presented, fostering more informed debate.
PROVISION 03
Mandates a progress report from the Treasury Secretary within 180 days after a debt limit increase or suspension, detailing the implementation of the President's debt reduction plans.
This holds the executive branch accountable for following through on proposed debt management strategies.
PROVISION 04
Requires all reports submitted under this act to be made publicly available on the Department of the Treasury's website for at least six months.
This significantly increases transparency, allowing the public to review and understand the government's financial situation and plans.
PROVISION 05
Requires the Secretary of the Treasury to provide specific financial and economic data to the Chairs of the House Ways and Means and Senate Finance Committees upon written request within 30 days.
This grants key congressional committees direct access to vital, detailed financial information for oversight and legislative purposes.
This bill matters because it fundamentally changes how information about the national debt is shared and discussed, especially during critical moments when the government needs to increase its borrowing limit. Currently, debates over the debt ceiling can be contentious, and this bill aims to ensure that these discussions are based on a comprehensive understanding of the debt's drivers and potential solutions from the executive branch.
If this bill becomes law, it would compel the President and the Treasury Department to publicly outline concrete strategies for debt reduction before Congress votes to raise the debt limit. This increased transparency could lead to more substantive policy debates, force lawmakers to confront the nation's fiscal challenges with more data, and give the public a clearer picture of government finances. If it doesn't become law, the current process continues, where the level of detail provided by the executive branch during debt ceiling discussions might vary, and the public may not have as direct and consistent access to the President's specific debt reduction plans.
KEY PROVISIONS
AI-extracted
high
Requires the Secretary of the Treasury to submit a detailed report to Congress before the national debt limit is increased or its suspension expires.
This provision ensures that Congress receives comprehensive financial information and policy proposals before making critical decisions about the nation's borrowing authority.
high
The report must include current and projected debt levels, the causes of future debt, how the U.S. will meet its obligations, the President's debt reduction proposals, and the impacts of changing the debt limit.
This ensures that a broad range of critical financial data and specific executive branch strategies are presented, fostering more informed debate.
med
Mandates a progress report from the Treasury Secretary within 180 days after a debt limit increase or suspension, detailing the implementation of the President's debt reduction plans.
This holds the executive branch accountable for following through on proposed debt management strategies.
high
Requires all reports submitted under this act to be made publicly available on the Department of the Treasury's website for at least six months.
This significantly increases transparency, allowing the public to review and understand the government's financial situation and plans.
med
Requires the Secretary of the Treasury to provide specific financial and economic data to the Chairs of the House Ways and Means and Senate Finance Committees upon written request within 30 days.
This grants key congressional committees direct access to vital, detailed financial information for oversight and legislative purposes.
Not more than 180 days after any increase or suspension of the debt limit takes effect.
Submission of a detailed report on progress of implementing the President's debt reduction proposals.
Not less than 6 months following the date of submission.
Public availability of reports on the Department of the Treasury's website.
Not later than 30 days after receipt of a written request.
Secretary of the Treasury to provide financial and economic data to requesting committee chairs.
GLOSSARY
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Debt limit
A legal cap set by Congress on the total amount of money the United States government can borrow to meet its existing legal obligations.
Public debt
The total amount of money that the federal government owes to its creditors, including money owed to individuals, businesses, and other governments, both domestic and foreign.
Fiscal responsibility
Managing government spending and revenue in a way that promotes economic stability and long-term financial health, often implying efforts to control debt.
Debt-to-gross domestic product ratio
A measure comparing a country's public debt to its total economic output (Gross Domestic Product). It indicates a country's ability to pay back its debt.
Direct-spending entitlement programs
Government programs, such as Social Security, Medicare, and Medicaid, for which spending is not subject to annual appropriations and for which individuals meeting certain eligibility requirements are entitled to receive benefits.
Extraordinary measures
Special accounting actions the Treasury Department can take to avoid exceeding the debt limit when it is reached, temporarily allowing the government to continue paying its bills.
ACTION TIMELINE
2 EVENTS
DEC 18, 25
Introduced in House
INTROREFERRAL
DEC 18, 25
Referred to the House Committee on Ways and Means.
