DEBT Act

House Votes

This bill would require the U.S. Treasury Secretary to brief Congress before the nation hits the debt limit or before using “extraordinary measures” to avoid default. The briefings must happen with the House Ways and Means and Senate Finance committees and explain what steps will be taken, what they cost, and how those steps will be unwound later. Extraordinary measures can include things like pausing certain debt sales or temporarily changing investments in some government funds to free up cash.

Key points:

• Who is affected: The Treasury Department and Congress; the public benefits from more clarity during debt-limit standoffs.
• What changes: Required early briefings on the planned extraordinary measures, their administrative costs, and how they will be reversed.
• When it happens: Before the debt limit is reached or before extraordinary measures are used.