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Debt Limit Transparency: Treasury Report on Extraordinary Measures Required.

This bill mandates the US Treasury Secretary to issue a detailed report when the government begins using extraordinary measures to avoid breaching the statutory debt limit. The report must project critical dates, such as when the government might run out of cash to pay its bills on time. While this law doesn't change your taxes or benefits, it increases transparency regarding the nation's financial stability, which is vital for the broader economy and personal investments.
Key points
Mandatory Reporting: The Treasury Secretary must report on special measures used to maintain funding when the debt ceiling is approached.
Critical Date Projections: The report must include forecasts for the date when all financial reserves will be exhausted and when the government might default on its debt payments.
Financial Threat Assessment: The Secretary must formally state whether approaching the debt limit poses an emerging threat to US financial stability.
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Additional Information
Print number: 118_HR_4651
Sponsor: Rep. Loudermilk, Barry [R-GA-11]
Process start date: 2023-07-14
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OFFICIAL LEGAL TITLE

To require the Secretary of the Treasury to issue a report containing information on extraordinary measures available when the debt of the United States Government approaches the statutory limit, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4651.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-14.

What are the main provisions?

Key points include:

  • Mandatory Reporting: The Treasury Secretary must report on special measures used to maintain funding when the debt ceiling is approached.
  • Critical Date Projections: The report must include forecasts for the date when all financial reserves will be exhausted and when the government might default on its debt payments.
  • Financial Threat Assessment: The Secretary must formally state whether approaching the debt limit poses an emerging threat to US financial stability.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Loudermilk, Barry [R-GA-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy