Bill · H.R. 402· House(119-HR-402)
DEBT Act
- Introduced
- 1/14/2025
- Last activity
- 1/14/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- David Schweikert
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, known as the "Debt Explanation Before Taxwriters Act" or the "DEBT Act," seeks to amend title 31 of the United States Code. It would require the Secretary of the Treasury to appear before specific congressional committees before the debt limit is hit or before extraordinary measures are used to prevent default. The Secretary must provide a detailed explanation regarding any extraordinary measures planned to fund government obligations. Additionally, the Secretary must explain any reversal of these measures or other changes in funding resulting from a debt limit increase.
Yes
Does this make what the government does easier for the public to see?+5
The bill requires the Secretary of the Treasury to provide detailed explanations of extraordinary measures to specific congressional committees.
Does this make the government pay for what it commits to?+3
The bill increases congressional oversight of the debt limit and extraordinary measures used to fund government obligations.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Transparency and Oversight: The Secretary of the Treasury would be required to appear before the House Committee on Ways and Means and the Senate Committee on Finance to submit a detailed explanation (Section 2(a)). This ensures Congress is informed about the specific actions being taken to fund the government before a default occurs.
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Advance Notice of Financial Actions: The bill mandates that the appearance happens not more than sixty days and not less than twenty-one days prior to the anticipated date the debt limit is reached or extraordinary measures are taken (Section 2(a)). This provides a specific window for congressional review of the Secretary's plans.
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Cost Awareness: The Secretary must provide an estimate of the administrative cost of taking extraordinary measures (Section 2(a)(1)). This allows for understanding the financial impact of the actions taken to avoid default.
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Governance And Ideology
- Improves Government Transparency+5
- Economy And Finance
- Improves Fiscal Responsibility+3
- 1/14/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House