DEBT Act

This legislation establishes a new requirement for the Secretary of the Treasury to engage with Congress regarding the national debt ceiling. It mandates an appearance before the House Committee on Ways and Means and the Senate Committee on Finance within a specific timeframe. The Secretary must appear not more than 60 days and not less than 21 days before the public debt is anticipated to reach its statutory limit or before extraordinary measures are taken to avoid a default. During this appearance, the Secretary is required to provide a detailed explanation of any such measures planned to fund federal obligations, including an estimate of their administrative costs. Furthermore, the Secretary must also explain any reversal of these measures or other changes in federal funding that occur after a debt limit increase. The bill specifically defines "extraordinary measures" to include actions such as suspending investments in various government retirement and stabilization funds, as well as suspending sales of State and Local Government Series Treasury securities.