arrow_back Back to App

Debt Transparency: Treasury Secretary Must Explain Actions Before Hitting Limit.

This bill mandates increased transparency in public debt management by requiring the U.S. Treasury Secretary to appear before Congress. This appearance must occur 21 to 60 days before the national debt limit is reached or before "extraordinary measures" are implemented to prevent default. The goal is to provide a detailed explanation of the steps planned, including the temporary suspension of investments in federal retirement funds, offering citizens greater insight into government finance maneuvers.
Key points
Mandatory Congressional Briefing: The Treasury Secretary must proactively brief key Congressional committees on the debt situation and planned actions.
Disclosure of Extraordinary Measures: Requires detailed explanation of temporary funding methods, including the suspension of investments in federal employee retirement and benefit funds (like the G Fund).
Increased Oversight: Provides Congress and the public with earlier notice and greater opportunity to scrutinize the government's debt crisis management strategies.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_846
Sponsor: Rep. Schweikert, David [R-AZ-1]
Process start date: 2023-02-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

DEBT Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_846.

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 2023-02-06.

What are the main provisions?

Key points include:

  • Mandatory Congressional Briefing: The Treasury Secretary must proactively brief key Congressional committees on the debt situation and planned actions.
  • Disclosure of Extraordinary Measures: Requires detailed explanation of temporary funding methods, including the suspension of investments in federal employee retirement and benefit funds (like the G Fund).
  • Increased Oversight: Provides Congress and the public with earlier notice and greater opportunity to scrutinize the government's debt crisis management strategies.
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. Schweikert, David [R-AZ-1].

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 2025-12-25.

CATEGORIES

Economy Public Investments