,,ii #aad? ,,congress #b;d ,session ,s4 #cahb ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #ac1 #bjaf,mr4 ,hat* introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,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 ( #bjaf4 #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 lat] ?an #fj days & n e>li] ?an #ba days be=e 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 ( ! ,treasury %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 debt2 & 7,g7 ! mo/ rec5t cont+5cy plans =mulat$ = any default on ,unit$ ,/ates ,treasury securities 7/emm+ f1 = example1 cyb]attack1 t]rori/ attack1 sev]e wea!r ev5t1 debt limit impasse1 or any o!r cont+5cy t c\ld int]rupt ,treasury access to fund+ m>kets7 or d[ngrade ( ! cr$it rat+ ( ! ,unit$ ,/ates4 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 #c to #e fiscal ye>s71 & long t]m 7approximately #aj 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 ,f$]al ,gov]nm5t sp5d+1 debt s]vice1 & ! position ( ! ,unit$ ,/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 is at ! /atutory limit1 to publicly disclose1 on ! ,web site ( ! ,dep>tm5t ( ! ,treasury-- 7i7 all r$uction measures curr5tly be+ us$ by ! ,secret>y to avoid default+ on obligations ( ! ,f$]al ,gov]nm5t2 7ii7 ) respect to ea* r$uction measure1 :e!r or n su* measure is curr5tly be+ us$-- 7,i7 ! total doll> am\nt ( su* measure t has be5 us$2 & 7,,ii7 ! total doll> am\nt ( su* measure t ! ,secret>y e/imates is /ill available = use2 & 7iii7 ! date on :i* ! ,secret>y e/imates t all r$uction measures w be exhau/$1 & ! ,f$]al ,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 measures4 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 ! ,secret>y ( ! ,treasury 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+-- 7#a7 ! debt report submitt$ "u subsection 7b77#a72 7#b7 ! detail$ explanation submitt$ "u subsection 7b77#b72 7#c7 ! progress report submitt$ "u subsection 7b77#c72 & 7#d7 ! compreh5sive summ>ies ( cont+5cy plans =mulat$ = any debt default on ,unit$ ,/ates ,treasury securities or d[ngrade ( ! cr$it rat+ ( ! ,unit$ ,/ates submitt$ "u subsection 7b77#a77;,g74 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 #ecjb4 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 ( sections = *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 #c4 ,access to c]ta9 ,treasury ,dep>tm5t data ,^u writt5 reque/ f ! ,*airman ( ! ,committee on ,f9ance ( ! ,s5ate or ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives1 ! ,secret>y ( ! ,treasury %all provide to ! reque/+ ,*airman f9ancial & economic data relevant to det]m9+ ! am\nt ( ! public debt ( ! ,unit$ ,/ates1 includ+-- 7#a7 ca% fl[ & debt transaction in=mation us$ 9 prep>+ ! ,daily ,treasury ,/atem5t1 includ+ curr5t balances1 receipts1 & paym5ts2 7#b7 op]at+ ca% balance projections2 7#c7 relevant in=mation reg>d+ any extraord9>y measures tak5 to prev5t ! public debt f exce$+ limitation impos$ by section #caja7;b7 ( title #ca1 ,unit$ ,/ates ,code1 includ+-- 7,a7 measures tak5 ) respect to inve/m5ts 9 ! ,civil ,s]vice ,retirem5t & ,disability ,fund2 7,b7 ! susp5sion ( ! issuance ( obligations to ! ,gov]nm5t ,securities ,inve/m5t ,fund ,9 ! ,?rift ,sav+s ,fund2 & 7,c7 measures tak5 ) respect to ! /abilization fund "u section #ecjb ( title #ca ( su* ,code2 7#d7 cont+5cy plans = address+ delay$ paym5ts on debt obligations2 & 7#e7 cont+5cy plans = address+ rat+s d[ngrades on debt obligations4