[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4651 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 4651

 To require the Secretary of the Treasury to issue a report containing 
 information on extraordinary measures available when the debt of the 
United States Government approaches the statutory limit, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2023

Mr. Loudermilk introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To require the Secretary of the Treasury to issue a report containing 
 information on extraordinary measures available when the debt of the 
United States Government approaches the statutory limit, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPORT ON EXTRAORDINARY MEASURES.

    (a) In General.--Upon the Secretary of the Treasury notifying 
Congress that the Department of the Treasury has been forced to begin 
using extraordinary measures in order to meet Federal funding 
obligations without issuing additional Treasury securities, the 
Secretary of the Treasury shall issue a report to the voting members of 
the Financial Stability Oversight Council, the Office of Financial 
Research, the Committee on Financial Services of the House of 
Representatives, and the Committee on Banking, Housing, and Urban 
Affairs of the Senate containing--
            (1) a list of available extraordinary measures, stated as a 
        dollar amount;
            (2) a projection of the headroom under the statutory limit 
        for the debt of the United States Government (as defined in 
        section 3101 of title 31, United States Code) afforded by each 
        extraordinary measure (where ``headroom under the statutory 
        debt limit'' refers to the difference between the current 
        statutory debt limit and the projected operating cash balance 
        of the Department of the Treasury);
            (3) a projection of the date on which--
                    (A) all available headroom afforded by use of all 
                available extraordinary measures will be exhausted;
                    (B) the Department of the Treasury will have an 
                operating cash balance at or below $50,000,000,000;
                    (C) the debt of the United States Government will 
                be within $50,000,000,000 of reaching the statutory 
                limit; and
                    (D) the Department of the Treasury will be unable 
                to make timely payments on the debt of the United 
                States Government; and
            (4) an attestation by the Secretary of the Treasury as to 
        whether the debt of the United States Government approaching 
        the statutory limit is an emerging threat to the financial 
        stability of the United States.
    (b) Projection Requirements.--Each projection required under 
subsection (a) shall include a point estimate forecast along with an 
accompanying 95 percent confidence interval.
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