Bill > HR3442

This bill, the Debt Management and Fiscal Responsibility Act of 2015, requires the Secretary of the Treasury to report to Congress before the national debt reaches its statutory limit, which is the maximum amount of money the government is allowed to borrow. Specifically, the Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee between twenty-one and sixty days before the debt limit is anticipated to be reached. During this appearance, the Secretary must provide a comprehensive report detailing historical, current, and projected debt levels, as well as historical revenue. The report must also explain the factors driving future debt, outline how the U.S. will meet its financial obligations if the debt limit is raised, and describe any measures the Treasury intends to take to fund obligations if the limit is not raised, including notifying Congress when these measures are implemented. Additionally, the Secretary must discuss the President's recommendations for a balanced budget amendment to the Constitution, detail proposals to reduce debt and report on their progress, explain the impact of an increased debt limit on future spending and the U.S. dollar's international standing, project the fiscal health of major entitlement programs like Social Security, Medicare, and Medicaid, and disclose the Treasury's plan to avoid default, including a public disclosure of reduction measures and their availability. The bill also defines "reduction measures" as specific actions the Treasury can take to manage debt, such as suspending certain investments or issuing debt through the Federal Financing Bank, and mandates that all this information be made publicly available on the Treasury Department's website.