The bill mandates the Secretary of the Treasury to report to Congress before increasing the debt limit, detailing the public debt state, reduction proposals, and fiscal program projections. It also requires progress reports on the President's proposals and offers public access to submitted reports. Additionally, it grants access to specified Treasury data upon request from the Committees on Ways and Means and Finance. These provisions aim to enhance transparency and accountability in managing the public debt and its impact on fiscal health and economic stability.
Debt Solution and Accountability Act
This bill requires the Department of the Treasury to submit to Congress a debt report and a statement of intent on (1) any date on which the debt subject to limit reaches 99.5% of the federal debt limit, and (2) the date that is one month before the expiration of a suspension of the debt limit.
The debt report must include
- the historical levels of the debt, current amount and composition of the debt, and future projections of the debt;
- the drivers and composition of future debt; and
- how the United States will meet debt obligations.
The statement of intent must include a detailed explanation of
- proposals of the President to reduce or slow the growth of the debt,
- the impact of increasing the debt limit and of leaving the debt limit unchanged, and
- projections of the fiscal health and sustainability of major direct-spending entitlement programs (including Social Security, Medicare, and Medicaid).
Within 180 days after the effective date of an increase in or suspension of the debt limit, Treasury must submit to Congress a detailed report on the progress of implementing the President's proposals to reduce or slow the growth of the debt.
Treasury must make the 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.
