To amend title 31, United States Code, to require the Secretary of the Treasury to appear before Congress before the debt limit is reached or extraordinary measures are taken to prevent default.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill creates short title This Act may be cited as the Debt Explanation Before Taxwriters Act or the DEBT Act, requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end, and requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary. It relies on definition changes, compliance mandates, and tax rate changes. The main policy areas are Regulated Industries and Finance.
Who Benefits and How
Financial services firms and customers affected by the bill could face lower compliance burdens and Regulated entities and members of the public affected by the bill could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Creates short title This Act may be cited as the Debt Explanation Before Taxwriters Act or the DEBT Act.
- Requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end...
- Requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Debt Explanation Before Taxwriters Act or the DEBT Act, requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end, and requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary.
Key Policy Areas
Regulated Industries, Finance
Primary Purpose
The bill creates short title This Act may be cited as the Debt Explanation Before Taxwriters Act or the DEBT Act, requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end, and requires secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary.
Policy Domains
Whole bill
Identified Gains
- Financial services firms and customers affected by the bill
- Regulated entities and members of the public affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Public beneficiaries or protected communities affected by the clause
Sponsors
Legislative Progress
IntroducedMr. Schweikert (for himself, Mr. Smith of Nebraska, and Mr. …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
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