Summary: H.R.523 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.523. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/13/2017)

Debt Transparency and Accountability Act

This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury anticipates the public debt will reach the statutory limit.

The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a debt report including: (1) historic, current, and projected levels of debt; (2) the drivers and composition of future debt; and (3) how the United States will meet debt obligations if the debt limit is raised.

The Secretary must also provide a detailed explanation of:

  • proposals to reduce the debt and a progress report on implementing them;
  • the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency;
  • projections of the fiscal health and sustainability of major entitlement programs;
  • any extraordinary measures Treasury intends to take to fund federal government obligations if the debt limit is not raised and projections of the administrative cost and duration of the measures.

Treasury must make specified 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.