Debt Solution and Accountability Act
Congress would require Treasury debt reports and data access before debt limit increases
Legislative Progress
Key Points
- Requires the Treasury Secretary to send Congress a detailed debt report when the U.S. is nearing the debt limit or a suspension is about to end.
- Makes the report explain the President’s plans to reduce or slow debt growth in the short, medium, and long term, including goals for the debt compared to the economy.
- Requires the report to spell out what could happen if Congress raises the debt limit versus leaving it unchanged, including effects on government costs and the dollar’s role worldwide.
- Requires updates within 180 days after a debt limit increase or suspension starts, explaining progress on carrying out the President’s debt proposals.
- Lets key tax-writing committee chairs request certain Treasury cash-flow and “extraordinary measures” data, and requires Treasury to post report links online for at least 6 months.
Impact Analysis
Personal Impact
How this policy affects specific groups of people
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articles
Legislation calls for more transparency when federal government approaches debt limit
Covers introduction of H.R. 6895, the Debt Solution and Accountability Act, detailing Treasury reporting requirements tied to nearing the debt limit and data sharing on extraordinary measures.
Smucker Introduces Debt Solution and Accountability Act
Announces introduction of H.R. 6895 with Rep. Tom Suozzi; summarizes Treasury report triggers (99.5% of limit or 1 month before suspension ends), required contents, and listed endorsements.
Source Information
Document Type
Congressional Bill
Official Title
Debt Solution and Accountability Act
Data Sources
Sponsor
Cosponsors
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