DEBT Act
HR 402, the DEBT Act, requires the Treasury Secretary to appear before Congress 21-60 days before reaching the debt limit or using extraordinary measures to avoid default. The bill mandates the Secretary explain specific actions like suspending certain Treasury securities sales or redeeming retirement fund investments, along with their administrative costs. This applies directly to the Treasury Department and the House Ways and Means and Senate Finance committees. The legislation focuses on transparency before debt ceiling decisions, not altering the debt limit itself.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
President
Introduced Jan 14, 2025
Last action Jan 14, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jan 14, 2025
Committee
Referred to the House Committee on Ways and Means.
lower
Jan 14, 2025
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
David Schweikert
RRepublican
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