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HR. 402 · 119th Congress

DEBT Act

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Bill details

Introduced: 1/14/2025
Status: Referred to the House Committee on Ways and Means.
Bill ID: 119hr402
Latest action: Referred to the House Committee on Ways and Means.

Summary

Introduced in House

Debt Explanation Before Taxwriters Act or the DEBT Act This bill requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations. The term extraordinary measures generally refers to a series of actions that the Department of the Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds. The bill requires the Secretary of the Treasury to appear before the committees to provide a detailed explanation of (1) the extraordinary measures that Treasury will take and the administrative costs of taking the measures, and (2) any reversal of such measures and any other changes in the funding of federal government obligations.

Source: BILLSUM · Summary date: 1/14/2025

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Summary source label: BILLSUM
Congress.gov bill →GovInfo bill text (BILLS) →GovInfo summaries (BILLSUM) →OurCongress methodology →
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About this data

Non-partisan by design
OurCongress provides plain-English context without endorsements, political interpretation, or advocacy.
Official sources
Data is sourced from official government records (e.g., Congress.gov, GovInfo, Clerk of the House, and the U.S. Senate).
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Some sections may be AI-generated from official summaries/metadata to help readability. AI output can be imperfect—verify with primary sources.
Last updated: 1/14/2025Source: BILLSUMBill: 119hr402Learn more →