H.R.3442 - Debt Management and Fiscal Responsibility Act of 2015114th Congress (2015-2016)

Summary: H.R.3442 — 114th Congress (2015-2016)All Information (Except Text)

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Passed House amended (02/11/2016)

Debt Management and Fiscal Responsibility Act of 2015

(Sec. 2) This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which the Secretary 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; and
• the President's recommendation regarding a balanced budget amendment to the U.S. Constitution.

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 (including Social Security, Medicare, and Medicaid);
• 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 the information required by this bill available to the public on its website.