Debt Solution and Accountability Act

I 117TH CONGRESS 1ST SESSION H. R. 2110 To provide further means of accountability with respect to the United States debt and promote fiscal responsibility. IN THE HOUSE OF REPRESENTATIVES MARCH 19, 2021 Mr. SMUCKER (for himself and Mr. ARRINGTON) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To provide further means of accountability with respect to the United States debt and promote fiscal responsibility. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Debt Solution and Ac- 4 countability Act’’. 5 SEC. 2. SECRETARY OF THE TREASURY REPORT TO CON- 6 GRESS AFTER DEBT LIMIT IS INCREASED. 7 (a) IN GENERAL.—Subchapter II of chapter 31 of 8 title 31, United States Code, is amended by adding at the 9 end the following: 10 VerDate Sep 11 2014 23:43 May 19, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2110.IH H2110 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 2110 IH ‘‘§ 3131. Report after debt limit is increased. 1 ‘‘(a) IN GENERAL.—Not more than 60 days after the 2 limit specified under section 3101, as modified by section 3 3101A, is increased, the Secretary of the Treasury shall 4 submit a report to the Committee on Ways and Means 5 of the House of Representatives, the Committee on Appro- 6 priations of the House of Representatives, the Committee 7 on the Budget of the House of Representatives, the Com- 8 mittee on Finance of the Senate, the Committee on Appro- 9 priations of the Senate, and the Committee on the Budget 10 of the Senate consisting of the following: 11 ‘‘(1) DEBT REPORT.—A report on the state of 12 the public debt, including— 13 ‘‘(A) the historical levels of the debt, cur- 14 rent amount and composition of the debt, and 15 future projections of the debt; 16 ‘‘(B) the drivers and composition of future 17 debt; and 18 ‘‘(C) how the United States will meet debt 19 obligations, including principal and interest. 20 ‘‘(2) STATEMENT OF INTENT.—A detailed ex- 21 planation of— 22 ‘‘(A) proposals of the President to reduce 23 the public debt in the short term (the current 24 and following three fiscal years), medium term 25 (approximately five to nine fiscal years), and 26 VerDate Sep 11 2014 23:43 May 19, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2110.IH H2110 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 2110 IH long term (approximately ten to twenty-five fis- 1 cal years), and proposals of the President to ad- 2 just the debt-to-gross domestic product ratio; 3 ‘‘(B) the impact the increased debt limit 4 will have on future Government spending, debt 5 service, and the position of the United States 6 dollar as the international reserve currency; and 7 ‘‘(C) projections of fiscal health and sus- 8 tainability of major direct-spending entitlement 9 programs (including Social Security, Medicare, 10 and Medicaid). 11 ‘‘(b) PROGRESS REPORT.—Not more than 180 days 12 after the report described in subsection (a) is submitted, 13 the Secretary of the Treasury shall submit a detailed re- 14 port on the progress of implementing all proposals of the 15 President described under paragraph (2)(A). 16 ‘‘(c) PUBLIC ACCESS TO INFORMATION.—The Sec- 17 retary of the Treasury shall furnish publicly accessible 18 links on the web page of the Department of the Treasury 19 to each report submitted under this section. Such links 20 shall be available for not less than the 6-month period fol- 21 lowing the date of such submission.’’. 22 (b) CLERICAL AMENDMENT.—The table of analysis 23 for chapter 31 of title 31, United States Code, is amended 24 VerDate Sep 11 2014 23:43 May 19, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2110.IH H2110 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 2110 IH by inserting after the item relating to section 3130 the 1 following: 2 ‘‘3131. Report after debt limit is increased.’’. SEC. 3. ACCESS TO CERTAIN TREASURY DEPARTMENT 3 DATA. 4 Not later than thirty days after receipt of a written 5 request from the Chairman of the Committee on Ways and 6 Means of the House of Representatives or the Committee 7 on Finance of the Senate but no more than four times 8 per fiscal year for each, the Secretary of the Treasury 9 shall provide to the requesting Chairman financial and 10 economic data relevant to determining the amount of the 11 public debt of the United States, including— 12 (1) cash flow and debt transaction information 13 used in preparing the Daily Treasury Statement, in- 14 cluding current balances, receipts, and payments; 15 (2) operating cash balance projections; and 16 (3) relevant information regarding any extraor- 17 dinary measures (as defined under section 3131(d) 18 of title 31, United States Code) taken to prevent the 19 public debt from exceeding the limitation imposed by 20 section 3101 of title 31, United States Code, as 21 modified by section 3101A of such title. 22 Æ VerDate Sep 11 2014 23:43 May 19, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H2110.IH H2110 kjohnson on DSK79L0C42PROD with BILLS