Debt Management and Fiscal Responsibility Act of 2015
(Sec. 2) This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which the Secretary 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 report including:
The Secretary must also provide a detailed explanation of:
Treasury must make the information required by this bill available to the public on its website.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3442 Introduced in House (IH)]
114th CONGRESS
1st Session
H. R. 3442
To provide further means of accountability of the United States debt
and promote fiscal responsibility.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 8, 2015
Mr. Marchant introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To provide further means of accountability of the United States debt
and promote fiscal responsibility.
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 and Fiscal
Responsibility Act of 2015''.
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 submit
the information described under subsection (b).
``(b) Information Required To Be Presented.--In an appearance
described under subsection (a), the Secretary shall submit the
following:
``(1) Debt report.--A report on the state of the public
debt, including--
``(A) the historical levels of the debt, current
amount and composition of the debt, and future
projections of the debt;
``(B) the drivers and composition of future debt;
and
``(C) how, if the debt limit is raised, the United
States will meet debt obligations, including principal
and interest.
``(2) Statement of intent.--A detailed explanation of--
``(A) proposals of the President to reduce the
public debt in the short term (the current and
following fiscal year), medium term (approximately
three to five fiscal years), and long term
(approximately ten fiscal years), and proposals of the
President to adjust the debt-to-gross domestic product
ratio;
``(B) the impact an increased debt limit will have
on future Government spending, debt service, and the
position of the United States dollar as the
international reserve currency; and
``(C) projections of fiscal health and
sustainability of major direct-spending entitlement
programs (including Social Security, Medicare, and
Medicaid).
``(3) Progress report.--
``(A) In general.--A detailed report on the
progress of implementing all proposals of the President
described under subparagraph (A) of paragraph (2).
``(B) Exception.--The report described under this
paragraph shall only be submitted if a Secretary has
already appeared at least once pursuant to this section
during any term of office for a particular President.
``(c) Public Access to Information.--The Secretary of the Treasury
shall place on the homepage of the Department of the Treasury a link to
a webpage that shall serve as a repository of information made
available to the public for at least 6 months following the date of
release of the relevant information, including:
``(1) The debt report submitted under subsection (b)(1).
``(2) The detailed explanation submitted under subsection
(b)(2).
``(3) The progress report submitted under subsection
(b)(3).
``(4) Such other information as the Secretary reasonably
believes is necessary or helpful to the public in understanding
the statutory debt limit, Government debt, and the reports and
explanations described under paragraphs (1), (2), and (3).''.
(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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POSTPONED PROCEEDINGS - At the conclusion of debate on the Kelly (IL) amendment No. 4, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Kelly (IL) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Duffy amendment No. 5.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Duffy amendment No. 5, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Duffy demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Messer amendment No. 6.
DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Grijalva amendment No. 7.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Grijalva amendment No. 7, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Grijavla demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Takano amendment No. 8.
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POSTPONED PROCEEDINGS - At the conclusion of debate on the Takano amendment No. 8, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Takano demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3442.
The previous question was ordered pursuant to the rule. (consideration: CR H746)
The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
Mr. Doggett moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H747-748; text: CR H747)
DEBATE - The House proceeded with 10 minutes of debate on the Doggett motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments to require an analysis of the long-term revenue lost from tax avoidance and evasion resulting from inversions and the exploitation of tax loopholes by businesses and wealthy individuals and the long-term revenue effect of a shrinking middle class.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H748)
On motion to recommit with instructions Failed by recorded vote: 179 - 238 (Roll no. 75). (consideration: CR H748)
Roll Call #75 (House)Passed/agreed to in House: On passage Passed by recorded vote: 267 - 151 (Roll no. 76).
Roll Call #76 (House)On passage Passed by recorded vote: 267 - 151 (Roll no. 76).
Roll Call #76 (House)Motion to reconsider laid on the table Agreed to without objection.
The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3442.
Received in the Senate and Read twice and referred to the Committee on Finance.