Debt Solution and Accountability Act

Debt Solution and Accountability Act

This bill requires the Department of the Treasury to submit to Congress a debt report and a statement of intent within 60 days of an increase in the public debt limit.

The debt report must include

• the historic, current, and projected levels of debt;
• the drivers and composition of future debt; and
• how the United States will meet debt obligations.

The statement of intent must include a detailed explanation of

• proposals of the President to reduce the debt;
• the impact the increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; and
• projections of the fiscal health and sustainability of major entitlement programs (including Social Security, Medicare, and Medicaid).

Treasury must make the information required by this bill available to the public on its website.

Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3946 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 3946

 To provide further means of accountability with respect to the United 
             States debt and promote fiscal responsibility.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 24, 2019

     Mr. Marchant (for himself, Mr. Schweikert, and Mr. Arrington) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To provide further means of accountability with respect to the United 
             States debt and promote fiscal responsibility.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Debt Solution and Accountability 
Act''.

SEC. 2. SECRETARY OF THE TREASURY REPORT TO CONGRESS AFTER DEBT LIMIT 
              IS INCREASED.

    (a) In General.--Subchapter II of chapter 31 of title 31, United 
States Code, is amended by adding at the end the following:
``Sec. 3131. Report after debt limit is increased.
    ``(a) In General.--Not more than 60 days after the limit specified 
under section 3101, as modified by section 3101A, is increased, the 
Secretary of the Treasury shall submit a report to the Committee on 
Ways and Means of the House of Representatives, the Committee on 
Appropriations of the House of Representatives, the Committee on the 
Budget of the House of Representatives, the Committee on Finance of the 
Senate, the Committee on Appropriations of the Senate, and the 
Committee on the Budget of the Senate consisting of the following:
            ``(1) Debt report.--A report on the state of the public 
        debt, including--
                    ``(A) the historical levels of the debt, current 
                amount and composition of the debt, and future 
                projections of the debt;
                    ``(B) the drivers and composition of future debt; 
                and
                    ``(C) how the United States will meet debt 
                obligations, including principal and interest.
            ``(2) Statement of intent.--A detailed explanation of--
                    ``(A) proposals of the President to reduce the 
                public debt in the short term (the current and 
                following three fiscal years), medium term 
                (approximately five to nine fiscal years), and long 
                term (approximately ten to twenty-five fiscal years), 
                and proposals of the President to adjust the debt-to-
                gross domestic product ratio;
                    ``(B) the impact the increased debt limit will have 
                on future Government spending, debt service, and the 
                position of the United States dollar as the 
                international reserve currency; and
                    ``(C) projections of fiscal health and 
                sustainability of major direct-spending entitlement 
                programs (including Social Security, Medicare, and 
                Medicaid).
    ``(b) Progress Report.--Not more than 180 days after the report 
described in subsection (a) is submitted, the Secretary of the Treasury 
shall submit a detailed report on the progress of implementing all 
proposals of the President described under paragraph (2)(A).
    ``(c) Public Access to Information.--The Secretary of the Treasury 
shall furnish publicly accessible links on the web page of the 
Department of the Treasury to each report submitted under this section. 
Such links shall be available for not less than the 6-month period 
following the date of such submission.''.
    (b) Clerical Amendment.--The table of analysis for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 3130 the following:

``3131. Report after debt limit is increased.''.

SEC. 3. ACCESS TO CERTAIN TREASURY DEPARTMENT DATA.

    Not later than thirty days after receipt of a written request from 
the Chairman of the Committee on Ways and Means of the House of 
Representatives or the Committee on Finance of the Senate but no more 
than four times per fiscal year for each, the Secretary of the Treasury 
shall provide to the requesting Chairman financial and economic data 
relevant to determining the amount of the public debt of the United 
States, including--
            (1) cash flow and debt transaction information used in 
        preparing the Daily Treasury Statement, including current 
        balances, receipts, and payments;
            (2) operating cash balance projections; and
            (3) relevant information regarding any extraordinary 
        measures (as defined under section 3131(d) of title 31, United 
        States Code) taken to prevent the public debt from exceeding 
        the limitation imposed by section 3101 of title 31, United 
        States Code, as modified by section 3101A of such title.
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