3.0.0 1497 2023-01-11T13:28:05Z 2023-01-11T13:28:05Z House HR 2015-03-19 114 [Congressional Record Volume 161, Number 47 (Thursday, March 19, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HUELSKAMP:H.R. 1497.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 gives Congress the power to borrowmoney on the credit of the United States.[Page H1805]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-03-19T13:07:00Z 2015-03-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-03-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-03-19 Introduced in House IntroReferral 1000 9 Library of Congress H001057 Rep. Huelskamp, Tim [R-KS-1] Tim Huelskamp R KS 1 N Economics and Public Finance Budget deficits and national debt Congressional oversight Employee benefits and pensions Government employee pay, benefits, personnel management Government information and archives Government trust funds Health care costs and insurance International monetary system and foreign exchange U.S. Postal Service Economics and Public Finance 00 2015-03-19 Introduced in House 2015-08-13T20:45:15Z This bill requires the Department of the Treasury to notify Congress when the debt of the U.S. government has reached the statutory limit and if Treasury has begun using reduction measures to avoid default. Treasury must also specify which reduction measures are currently being used.

Reduction measures include the issuance of debt by the Federal Financing Bank to exchange debt that is subject to the limit; suspending investments in the Government Securities Investment Fund of the Thrift Savings Fund; suspending investments in the Exchange Stabilization Fund; suspending, redeeming, or selling investments in the Civil Service Retirement and Disability Fund or the Postal Service Retiree Health Benefits Fund; and other measures Treasury determines to be appropriate.

For each day the debt is at the statutory limit, Treasury must publicly disclose reduction measures currently being used, the amounts that have been used and remain available for each measure, and the date on which Treasury estimates that all measures will be exhausted and the government will begin defaulting.

]]> To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes. Display Title To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes. Official Title as Introduced To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes. Introduced in House IH Introduced in House 2015-03-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1497ih/xml/BILLS-114hr1497ih.xml 2015-03-19 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.