Extraordinary Measures Transparency Act

This bill makes the Treasury Department give Congress clear, timely updates when the nation is close to hitting the debt limit. It explains what “extraordinary measures” are—temporary steps the government can take to keep paying bills without going over the limit—and requires Treasury to describe which steps it plans to use, how much they cost, and how long they can last.

If Treasury thinks the debt limit will be reached in 30 days, it must send Congress a report with the planned measures, their costs, how long they’ll cover government needs, and the administrative costs of doing them. Treasury must also send daily updates while these steps are being used, and a follow-up report afterward that lists what was done and what it cost to administer.

• Who is affected: The Treasury Department must report to Congress; the public benefits from more transparency about the debt limit.
• What changes: Advance notice before using special steps, daily updates during use, and a final report after use, including descriptions, costs, and timelines.
• When it happens: The advance report is required when Treasury believes the debt limit will be reached in 30 days; daily reporting occurs while the measures are in effect; the final report comes after they’re used.