Debt Management Act of 2013

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3579 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3579

   To require the Secretary of the Treasury to appear before certain 
 committees of the Congress before the United States reaches the debt 
             limit and defaults on Government obligations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 21, 2013

   Mr. Marchant (for himself, Mr. Brady of Texas, Mr. Sam Johnson of 
 Texas, Mr. Roskam, Mr. Boustany, Mr. Tiberi, Mr. Nunes, Mr. Reichert, 
Mr. Gerlach, Mr. Price of Georgia, Ms. Jenkins, Mrs. Black, Mr. Schock, 
    Mr. Young of Indiana, Mr. Kelly of Pennsylvania, Mr. Griffin of 
   Arkansas, Mr. Renacci, Mr. Sessions, Mr. Flores, Mr. Conaway, Mr. 
   Thornberry, Mr. Weber of Texas, Mr. Farenthold, Mr. Meadows, Mrs. 
   Lummis, Mr. Petri, Mr. Carter, Ms. Granger, and Mr. Westmoreland) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To require the Secretary of the Treasury to appear before certain 
 committees of the Congress before the United States reaches the debt 
             limit and defaults on Government obligations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Debt Management Act of 2013''.

SEC. 2. SECRETARY OF THE TREASURY REPORT TO CONGRESS BEFORE REACHING 
              DEBT LIMIT.

    (a) In General.--Subchapter II of chapter 31 of title 31, United 
States Code, is amended by adding at the end the following:
``Sec. 3131. Report before reaching debt limit
    ``(a) In General.--Not more than sixty days and not less than 
twenty-one days prior to any date on which the Secretary of the 
Treasury anticipates the public debt will reach the limit specified 
under section 3101, as modified by section 3101A, the Secretary shall 
appear before the Committee on Ways and Means of the House of 
Representatives and the Committee on Finance of the Senate, to provide 
the information described under subsection (b).
    ``(b) Information Required To Be Presented.--In an appearance 
described under subsection (a), the Secretary shall provide the 
following:
            ``(1) Debt report.--A report on the state of the public 
        debt, including--
                    ``(A) the historical trajectory of the debt, major 
                drivers of and their quantities to the current debt, 
                and debt projections; and
                    ``(B) how, if the debt limit is raised, the United 
                States will meet existing debt obligations, including 
                principal and interest.
            ``(2) Statement of intent.--A detailed explanation of--
                    ``(A) any proposal of the President to reduce the 
                structural deficit in the short-term (the following 
                fiscal year), medium-term (approximately three to five 
                years), and long-term (approximately ten years);
                    ``(B) the impact an increased debt limit will have 
                on future Government spending, service provision, and 
                the status of the United States dollar as the 
                international reserve currency;
                    ``(C) projections of fiscal health and resilience 
                to long-term entitlement program pressures (including 
                Social Security, Medicare, and Medicaid), given the 
                proposed measures to reduce the structural deficit and 
                the amount of increase in the debt limit; and
                    ``(D) any proposal of the President to reduce the 
                debt-to-gross domestic product ratio, based on current 
                trends, with the exclusion of extreme events (i.e. 
                military, economic, and natural catastrophes).
            ``(3) Progress report.--
                    ``(A) In general.--A detailed report on the 
                progress of implementing all proposals of the President 
                described under subparagraph (A) or (D) of paragraph 
                (2).
                    ``(B) Exception.--The report described under this 
                paragraph shall only be provided if a Secretary has 
                already appeared at least once pursuant to this section 
                during any term of office for a particular 
                President.''.
    (b) Clerical Amendment.--The table of analysis for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 3130 the following:

``3131. Report before reaching debt limit.''.
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