Mandating Public Debt Reduction Plans Before Raising the Debt Limit.
This act requires the Treasury Secretary to submit detailed public reports to Congress before the national debt limit can be increased or suspended. These reports must include the President's specific proposals for slowing debt growth and projections for the fiscal health of major entitlement programs like Social Security and Medicare. The goal is to promote fiscal responsibility and ensure citizens have transparent access to critical information about the nation's financial stability.
Key points
The government must publicly present debt reduction plans and projections for Social Security/Medicare before raising the national borrowing limit.
These detailed reports will be made publicly available on the Treasury Department's website for at least six months.
Congress gains faster access to specific Treasury financial data regarding cash flow, debt transactions, and extraordinary measures taken to manage the debt.
Introduced
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