This bill aims to improve transparency and accountability regarding the national debt by requiring detailed reports from the Secretary of the Treasury. It helps Congress understand the debt situation before making decisions about increasing the debt limit.
Debt Solution and Accountability Act This bill requires the Department of the Treasury to submit to Congress a debt report and a statement of intent on (1) any date on which the debt subject to limit reaches 99.5% of the federal debt limit, and (2) the date that is one month before the expiration of a suspension of the debt limit. The debt report must includethe historical levels of the debt, current amount and composition of the debt, and future projections of the debt; the drivers and composition of future debt; andhow the United States will meet debt obligations. The statement of intent must include a detailed explanation ofproposals of the President to reduce or slow the growth of the debt, the impact of increasing the debt limit and of leaving the debt limit unchanged, andprojections of the fiscal health and sustainability of major direct-spending entitlement programs (including Social Security, Medicare, and Medicaid). Within 180 days after the effective date of an increase in or suspension of the debt limit, Treasury must submit to Congress a detailed report on the progress of implementing the President's proposals to reduce or slow the growth of the debt. Treasury must make the information required by this bill available to the public on its website. Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.
