Skip to main content
HR 846 118th Congress House Economics and Public Finance Budget deficits and national debt Congressional oversight Congressional-executive branch relations Department of the Treasury House Committee on Ways and Means Senate Committee on Finance

DEBT Act

Introduced: February 6, 2023 Introduced by: Schweikert, David Republican · Arizona See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 6, 2023
Introduced in House
Feb 6, 2023
Referred to the House Committee on Ways and Means.
 Plain-English summary Congressional Research Service

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.

What's happening now February 6, 2023

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Republican 4