,,ii #aadth ,,congress #b;d ,session ,s4 #cahb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ac1 #bjaf,mr4 ,hatch introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to provide further means of accountability of the ,united ,states debt and promote fiscal responsibility4 #a4 ,short title ,this ,act may be cited as the ,debt ,management and ,fiscal ,responsibility ,act of #bjaf4 #b4 ,secretary of the ,treasury report to ,congress before reaching debt limit 7a7 ,in general ,subchapter ,,ii of chapter #ca of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 #caca4 ,report before reaching debt limit 7a7 ,in general ,not later than #fj days and not earlier than #ba days before any date on which the ,secretary of the ,treasury anticipates the public debt will reach the limit specified under section #caja1 as modified by section #caja;,a1 the ,secretary shall appear before the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,finance of the ,senate1 to submit the information described under subsection 7b74 7b7 ,information required ,to be presented ,in an appearance described under subsection 7a71 the ,secretary of the ,treasury shall submit the following3 7#a7 ,debt ,report ,a report on the state of the public debt1 including-- 7,a7 the historical levels of the debt1 current amount and composition of the debt1 and future projections of the debt2 7,b7 the historical levels of ,federal revenue1 including corporate and individual ,federal income taxes as a percent of the gross domestic product2 7,c7 the drivers and composition of future debt2 7,d7 how1 if the debt limit is raised1 the ,united ,states will meet debt obligations1 including principal and interest2 7,e7 any reduction measures the ,secretary intends to take to fund ,federal ,government obligations if the debt limit is not raised1 including-- 7i7 notifying ,congress when the limit has been reached2 and 7ii7 notifying ,congress when the ,secretary has begun taking such measures and specifying which measures are currently being used2 7,f7 if the ,president recommends that ,congress adopt1 in general1 a balanced budget amendment to the ,constitution of the ,united ,states to help control the accumulation of future debt2 and 7,g7 the most recent contingency plans formulated for any default on ,united ,states ,treasury securities 7stemming from1 for example1 cyberattack1 terrorist attack1 severe weather event1 debt limit impasse1 or any other contingency that could interrupt ,treasury access to funding markets7 or downgrade of the credit rating of the ,united ,states4 7#b7 ,statement of intent ,a detailed explanation of-- 7,a7 proposals of the ,president to reduce the public debt in the short term 7the current and following fiscal year71 medium term 7approximately #c to #e fiscal years71 and long term 7approximately #aj fiscal years71 and proposals of the ,president to adjust the debt-to-gross domestic product ratio2 7,b7 the impact an increased debt limit will have on future ,federal ,government spending1 debt service1 and the position of the ,united ,states dollar as the international reserve currency2 7,c7 projections of fiscal health and sustainability of major direct-spending entitlement programs 7including ,social ,security1 ,medicare1 and ,medicaid72 7,d7 the plan of the ,president for each week that the debt of the ,united ,states is at the statutory limit1 to publicly disclose1 on the ,web site of the ,department of the ,treasury-- 7i7 all reduction measures currently being used by the ,secretary to avoid defaulting on obligations of the ,federal ,government2 7ii7 with respect to each reduction measure1 whether or not such measure is currently being used-- 7,i7 the total dollar amount of such measure that has been used2 and 7,,ii7 the total dollar amount of such measure that the ,secretary estimates is still available for use2 and 7iii7 the date on which the ,secretary estimates that all reduction measures will be exhausted1 and the ,federal ,government will begin defaulting on its obligations2 and 7,e7 any extraordinary measures the ,secretary intends to take to fund ,federal ,government obligations if the debt limit is not raised1 a projection of how long such extraordinary measures will fund the ,federal ,government1 and a projection of the administrative cost of taking such extraordinary measures4 7#c7 ,progress report 7,a7 ,in general ,a detailed report on the progress of implementing all proposals of the ,president described under subparagraph 7,a7 of paragraph 7#b74 7,b7 ,exception ,the report described under this paragraph shall only be submitted if the ,secretary of the ,treasury has already appeared at least once pursuant to this section during any term of office for a particular ,president4 7c7 ,public access to information ,the ,secretary of the ,treasury shall place on the homepage of the ,department of the ,treasury a link to a webpage that shall serve as a repository of information made available to the public for at least #f months following the date of release of the relevant information1 including-- 7#a7 the debt report submitted under subsection 7b77#a72 7#b7 the detailed explanation submitted under subsection 7b77#b72 7#c7 the progress report submitted under subsection 7b77#c72 and 7#d7 the comprehensive summaries of contingency plans formulated for any debt default on ,united ,states ,treasury securities or downgrade of the credit rating of the ,united ,states submitted under subsection 7b77#a77;,g74 7d7 ,reduction measures defined ,for purposes of this section1 the term reduction measures means each of the following3 7#a7 ,directing or approving the issuance of debt by the ,federal ,financing ,bank for the purpose of entering into an exchange transaction for debt that is subject to the limit under this section4 7#b7 ,suspending investments in the ,government ,securities ,investment ,fund of the ,thrift ,savings ,fund4 7#c7 ,suspending investments in the stabilization fund established under section #ecjb4 7#d7 ,suspending new investments in the ,civil ,service ,retirement and ,disability ,fund or the ,postal ,service ,retiree ,health ,benefits ,fund4 7#e7 ,selling or redeeming securities1 obligations1 or other invested assets of the ,civil ,service ,retirement and ,disability ,fund or the ,postal ,service ,retiree ,health ,benefits ,fund before maturity4 7#f7 ,such other measures as the ,secretary determines appropriate4 4 7b7 ,clerical amendment ,the table of sections for chapter #ca of title #ca1 ,united ,states ,code1 is amended by inserting after the item relating to section #cacj the following3 #caca4 ,report before reaching debt limit4 4 #c4 ,access to certain ,treasury ,department data ,upon written request from the ,chairman of the ,committee on ,finance of the ,senate or the ,committee on ,ways and ,means of the ,house of ,representatives1 the ,secretary of the ,treasury shall provide to the requesting ,chairman financial and economic data relevant to determining the amount of the public debt of the ,united ,states1 including-- 7#a7 cash flow and debt transaction information used in preparing the ,daily ,treasury ,statement1 including current balances1 receipts1 and payments2 7#b7 operating cash balance projections2 7#c7 relevant information regarding any extraordinary measures taken to prevent the public debt from exceeding limitation imposed by section #caja7;b7 of title #ca1 ,united ,states ,code1 including-- 7,a7 measures taken with respect to investments in the ,civil ,service ,retirement and ,disability ,fund2 7,b7 the suspension of the issuance of obligations to the ,government ,securities ,investment ,fund ,in the ,thrift ,savings ,fund2 and 7,c7 measures taken with respect to the stabilization fund under section #ecjb of title #ca of such ,code2 7#d7 contingency plans for addressing delayed payments on debt obligations2 and 7#e7 contingency plans for addressing ratings downgrades on debt obligations4