DEBT Act

Hozzl · 2023-12-15T15:54:27Z

Explore the details of House Bill 846 DEBT Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Economics and Public Finance. Stay informed on legislative developments.

12/15/2023, 3:54 PM

Congressional Summary of HR 846

Debt Explanation Before Taxwriters Act or the DEBT Act

This bill requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations.

The term extraordinary measures generally refers to a series of actions that the Department of the Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds.

The bill requires the Secretary of the Treasury to appear before the committees to provide a detailed explanation of (1) the extraordinary measures that Treasury will take and the administrative costs of taking the measures, and (2) any reversal of such measures and any other changes in the funding of federal government obligations.

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Current Status of Bill HR 846

Bill HR 846 is currently in the status of Bill Introduced since February 6, 2023. Bill HR 846 was introduced during Congress 118 and was introduced to the House on February 6, 2023. Bill HR 846's most recent activity was Referred to the House Committee on Ways and Means. as of February 6, 2023

Bipartisan Support of Bill HR 846

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 846

Primary Policy Focus

Economics and Public Finance

Alternate Title(s) of Bill HR 846

DEBT Act

Debt Explanation Before Taxwriters Act

To amend title 31, United States Code, to require the Secretary of the Treasury to appear before Congress before the debt limit is reached or extraordinary measures are taken to prevent default.