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Debt Solution and Accountability Act

USA116th CongressHR-3946| House 
| Updated: 7/24/2019
Kenny Marchant

Kenny Marchant

Republican Representative

Texas

Cosponsors (2)
David Schweikert (Republican)Jodey C. Arrington (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Jul 24, 2019
Introduced in House
Jul 24, 2019
Referred to the House Committee on Ways and Means.
  • July 24, 2019
    Introduced in House


  • July 24, 2019
    Referred to the House Committee on Ways and Means.

Economics and Public Finance

Budget deficits and national debtCongressional oversightGovernment information and archivesInternational monetary system and foreign exchangeMedicaidMedicareSocial security and elderly assistance

Debt Solution and Accountability Act

USA116th CongressHR-3946| House 
| Updated: 7/24/2019
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 24, 2019
Introduced in House
Jul 24, 2019
Referred to the House Committee on Ways and Means.
  • July 24, 2019
    Introduced in House


  • July 24, 2019
    Referred to the House Committee on Ways and Means.
Kenny Marchant

Kenny Marchant

Republican Representative

Texas

Cosponsors (2)
David Schweikert (Republican)Jodey C. Arrington (Republican)

Ways and Means Committee

Economics and Public Finance

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Budget deficits and national debtCongressional oversightGovernment information and archivesInternational monetary system and foreign exchangeMedicaidMedicareSocial security and elderly assistance