Bill > HR402

This bill, known as the DEBT Act (Debt Explanation Before Taxwriters Act), requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee 21 to 60 days before either reaching the national debt limit or implementing "extraordinary measures" to prevent a government default. The bill defines extraordinary measures as specific financial maneuvers such as suspending sales of certain government securities, temporarily halting investments in government retirement and benefit funds (like the Civil Service Retirement and Disability Fund), and redirecting or exchanging debt instruments. During this required appearance, the Treasury Secretary must provide a detailed explanation of the anticipated extraordinary measures, including an estimate of their administrative costs, and describe any potential changes to government funding that would result from these actions. This legislation aims to increase transparency and provide congressional committees with advance warning and detailed information about potential debt-related financial strategies, giving lawmakers more insight into the government's fiscal management during potential debt ceiling challenges.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/402/all-info