3.0.0 3182 2023-01-11T13:33:15Z 2023-01-11T13:33:15Z Senate S 2016-07-13 114 ssfi00 Finance Committee Senate Standing Referred to 2016-07-13T18:08:58Z Debt Management and Fiscal Responsibility Act of 2015 114 3442 HR 2016-02-22 Received in the Senate and Read twice and referred to the Committee on Finance. Related bill CRS 2016-07-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-07-13 Introduced in Senate IntroReferral 10000 9 Library of Congress H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT N K000360 Sen. Kirk, Mark Steven [R-IL] MARK KIRK R IL STEVEN 2016-09-07 False B001236 Sen. Boozman, John [R-AR] John Boozman R AR 2016-09-07 False Economics and Public Finance Budget deficits and national debt Congressional oversight Constitution and constitutional amendments Financial services and investments Government employee pay, benefits, personnel management Government information and archives International monetary system and foreign exchange Medicaid Medicare Securities Social security and elderly assistance Economics and Public Finance 00 2016-07-13 Introduced in Senate 2016-09-29T11:23:24Z Debt Management and Fiscal Responsibility Act of 2016

This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury 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:

  • historic, current, and projected levels of debt;
  • historic levels of revenue;
  • the drivers and composition of future debt;
  • how the United States will meet debt obligations if the debt limit is raised;
  • reduction measures Treasury intends to take to fund obligations if the debt limit is not raised;
  • a recommendation regarding a balanced budget amendment to the U.S. Constitution; and
  • contingency plans for any default on Treasury securities or downgrade of the U.S. credit rating.

The Secretary must also provide a detailed explanation of:

  • proposals to reduce the debt and a progress report on implementing them;
  • the impact an increased debt limit will have on future spending, debt service, and the position of the U.S. dollar as the international reserve currency;
  • projections of the fiscal health and sustainability of major entitlement programs;
  • measures Treasury is taking or intends to take to avoid default, including a plan to publicly disclose the details; and
  • Treasury's capability to pay only principal and interest on the debt if the limit is reached.

Treasury must make specified information required by this bill available to the public on its website.

Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.

]]> Debt Management and Fiscal Responsibility Act of 2016 Display Title Debt Management and Fiscal Responsibility Act of 2016 Short Titles as Introduced Debt Management and Fiscal Responsibility Act of 2016 Official Title as Introduced A bill to provide further means of accountability of the United States debt and promote fiscal responsibility. Introduced in Senate 2016-07-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3182is/xml/BILLS-114s3182is.xml 2016-07-13 Read twice and referred to the Committee on Finance. 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.