DEBT Act

Hozzl · 2025-02-08T05:53:22Z

Explore the details of House Bill 402 DEBT Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

2/8/2025, 5:53 AM

Summary of Bill HR 402

Bill 119 hr 402, also known as the "Debt Limit Transparency Act," aims to amend title 31 of the United States Code. The main purpose of this bill is 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.

Currently, when the United States approaches its debt limit, the Treasury Department is forced to take extraordinary measures to prevent default. These measures can include suspending investments in certain government funds or redeeming existing investments. However, these actions can only provide a temporary solution and do not address the underlying issue of the debt limit.

Under this proposed legislation, the Secretary of the Treasury would be required to provide a detailed report to Congress outlining the current debt situation and the potential consequences of reaching the debt limit. This would allow Congress to have a better understanding of the financial implications and make more informed decisions regarding the debt limit. By increasing transparency and communication between the Treasury Department and Congress, the Debt Limit Transparency Act aims to prevent last-minute negotiations and potential default scenarios. This bill seeks to ensure that Congress is fully informed and prepared to address the nation's debt limit in a timely and responsible manner.

Congressional Summary of HR 402

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 402

Bill HR 402 is currently in the status of Bill Introduced since January 14, 2025. Bill HR 402 was introduced during Congress 119 and was introduced to the House on January 14, 2025. Bill HR 402's most recent activity was Referred to the House Committee on Ways and Means. as of January 14, 2025

Bipartisan Support of Bill HR 402

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 402

Primary Policy Focus

Alternate Title(s) of Bill HR 402

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.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.

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Comments

Sponsors and Cosponsors of HR 402

David Schweikert

Arizona(Republican)

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