#aad? ,,congress #b;d ,session ,h4 ,r4 #cddb ,,an ,,act ,to provide fur!r means ( acc\ntability ( ! ,unit$ ,/ates debt & promote fiscal responsibility4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,debt ,managem5t & ,fiscal ,responsibility ,act ( #bjae4 #b4 ,secret>y ( ! ,treasury report to ,congress be=e rea*+ debt limit 7a7 ,9 g5]al ,sub*apt] ,,ii ( *apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #caca4 ,report be=e rea*+ debt limit 7a7 ,9 g5]al ,n m ?an sixty days & n less ?an tw5ty-"o days prior to any date on :i* ! ,secret>y ( ! ,treasury anticipates ! public debt w rea* ! limit specifi$ "u section #caja1 z modifi$ by section #caja;,a1 ! ,secret>y %all appe> be=e ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committee on ,f9ance ( ! ,s5ate1 to submit ! in=mation describ$ "u subsection 7b74 7b7 ,in=mation requir$ ,to be pres5t$ ,9 an appe>ance describ$ "u subsection 7a71 ! ,secret>y %all submit ! foll[+3 7#a7 ,debt ,report ,a report on ! /ate ( ! public debt1 includ+-- 7,a7 ! hi/orical levels ( ! debt1 curr5t am\nt & composition ( ! debt1 & future projections ( ! debt2 7,b7 ! hi/orical levels ( ,f$]al rev5ue1 includ+ corporate & individual ,f$]al income taxes z a p]c5t ( ! gross dome/ic product2 7,c7 ! driv]s & composition ( future debt2 7,d7 h[1 if ! debt limit is rais$1 ! ,unit$ ,/ates w meet debt obligations1 includ+ pr9cipal & int]e/2 7,e7 any r$uction measures ! ,secret>y int5ds to take to fund ,f$]al ,gov]nm5t obligations if ! debt limit is n rais$1 includ+-- 7i7 notify+ ! ,congress :5 ! limit has be5 rea*$2 & 7ii7 notify+ ! ,congress :5 ! ,secret>y has begun tak+ su* measures & specify+ :i* measures are curr5tly be+ us$2 & 7,f7 if ! ,presid5t recomm5ds t ,congress adopt1 9 g5]al1 a balanc$ budget am5dm5t to ! ,con/itution ( ! ,unit$ ,/ates to help control ! accumulation ( future debt4 7#b7 ,/atem5t ( int5t ,a detail$ explanation (-- 7,a7 proposals ( ! ,presid5t to r$uce ! public debt 9 ! %ort t]m 7! curr5t & foll[+ fiscal ye>71 m$ium t]m 7approximately ?ree to five fiscal ye>s71 & long t]m 7approximately t5 fiscal ye>s71 & proposals ( ! ,presid5t to adju/ ! debt-to-gross dome/ic product ratio2 7,b7 ! impact an increas$ debt limit w h on future ,gov]nm5t sp5d+1 debt s]vice1 & ! position ( ! ,unit$ ,/ates doll> z ! int]national res]ve curr5cy2 7,c7 projections ( fiscal heal? & su/a9ability ( major direct-sp5d+ entitlem5t programs 7includ+ ,social ,security1 ,m$ic>e1 & ,m$icaid72 7,d7 ! plan ( ! ,presid5t = ea* week t ! debt ( ! ,unit$ ,/ates ,gov]nm5t is at ! /atutory limit1 to publicly disclose1 on ! website ( ! ,dep>tm5t ( ! ,treasury1 ! foll[+3 7i7 ,all r$uction measures curr5tly be+ us$ by ! ,secret>y to avoid default+ on obligations ( ! ,gov]nm5t4 7ii7 ,) respect to ea* r$uction measure1 :e!r or n su* measure is curr5tly be+ us$-- 7,i7 ! total doll> am\nt ( su* measure t has be5 us$2 & 7,,ii7 ! total doll> am\nt ( su* measure t ! ,secret>y e/imates is /ill available = use4 7iii7 ,! date on :i* ! ,secret>y e/imates t all r$uction measures w be exhau/$1 & ! ,gov]nm5t w beg9 default+ on its obligations2 7,e7 any extraord9>y measures ! ,secret>y int5ds to take to fund ,f$]al gov]nm5t obligations if ! debt limit is n rais$1 a projection ( h[ long su* extraord9>y measures w fund ! ,f$]al gov]nm5t1 & a projection ( ! adm9i/rative co/ ( tak+ su* extraord9>y measures2 & 7,f7 :e!r ! ,adm9i/ration ackn[l$ges t x is te*nologically capable ( pay+ only pr9cipal & int]e/ on ! national debt1 z oppos$ to o!r obligations1 9 ! ev5t t ! debt limit1 z specifi$ "u section #caja1 is rea*$4 7#c7 ,progress report 7,a7 ,9 g5]al ,a detail$ report on ! progress ( implem5t+ all proposals ( ! ,presid5t describ$ "u subp>agraph 7,a7 ( p>agraph 7#b74 7,b7 ,exception ,! report describ$ "u ?is p>agraph %all only be submitt$ if a ,secret>y has already appe>$ at lea/ once pursuant to ?is section dur+ any t]m ( (fice = a p>ticul> ,presid5t4 7c7 ,public access to in=mation ,! ,secret>y ( ! ,treasury %all place on ! homepage ( ! ,dep>tm5t ( ! ,treasury a l9k to a webpage t %all s]ve z a repository ( in=mation made available to ! public = at lea/ #f mon?s foll[+ ! date ( release ( ! relevant in=mation1 includ+3 7#a7 ,! debt report submitt$ "u subsection 7b77#a74 7#b7 ,! detail$ explanation submitt$ "u subsection 7b77#b74 7#c7 ,! progress report submitt$ "u subsection 7b77#c74 7#d7 ,su* o!r in=mation z ! ,secret>y reasonably believes is necess>y or helpful to ! public 9 und]/&+ ! /atutory debt limit1 ,gov]nm5t debt1 & ! reports & explanations describ$ "u p>agraphs 7#a71 7#b71 & 7#c74 7d7 ,r$uction measures def9$ ,= purposes ( ?is section1 ! t]m r$uction measures means ea* ( ! foll[+3 7#a7 ,direct+ or approv+ ! issuance ( debt by ! ,f$]al ,f9anc+ ,bank = ! purpose ( ent]+ into an ex*ange transaction = debt t is subject to ! limit "u ?is section4 7#b7 ,susp5d+ inve/m5ts 9 ! ,gov]nm5t ,securities ,inve/m5t ,fund ( ! ,?rift ,sav+s ,fund4 7#c7 ,susp5d+ inve/m5ts 9 ! /abilization fund e/abli%$ "u section #ecjb ( title #ca1 ,unit$ ,/ates ,code4 7#d7 ,susp5d+ new inve/m5ts 9 ! ,civil ,s]vice ,retirem5t & ,disability ,fund or ! ,po/al ,s]vice ,retiree ,heal? ,b5efits ,fund4 7#e7 ,sell+ or r$eem+ securities1 obligations1 or o!r inve/$ assets ( ! ,civil ,s]vice ,retirem5t & ,disability ,fund or ! ,po/al ,s]vice ,retiree ,heal? ,b5efits ,fund be=e maturity4 7#f7 ,su* o!r measures z ! ,secret>y det]m9es appropriate4 4 7b7 ,cl]ical am5dm5t ,! table ( analysis = *apt] #ca ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #cacj ! foll[+3 #caca4 ,report be=e rea*+ debt limit4 4 ,pass$ ! ,h\se ( ,repres5tatives ,febru>y #aa1 #bjaf4;,cl]k4