Increased Transparency of US Debt: Reports and Debt Reduction Plans.
The Act enhances oversight of public debt by requiring the Treasury Secretary to submit detailed reports to Congress after every debt limit increase. Citizens will gain access to information on historical and projected debt levels, debt reduction plans, and the debt's impact on entitlement programs (like Social Security and Medicare). The goal is to promote fiscal responsibility and ensure public awareness of the nation's financial health.
Key points
Mandatory Reporting: After the debt limit is increased, the Treasury Secretary must submit a detailed report to Congress within 60 days on the state of the public debt and short-, medium-, and long-term reduction proposals.
Public Transparency: These reports, including debt reduction plans and fiscal projections for entitlement programs (Social Security, Medicare), must be made publicly accessible on the Department of the Treasury's website.
Increased Congressional Oversight: The Act grants key Congressional committees (Ways and Means, Finance) the right to request specific financial and economic data related to the public debt, including cash flow and information on extraordinary measures taken to avoid breaching the debt limit.
Expired
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