houseStanding
Ways and Means Committee
- Referred To
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H.R. 402In committee
DEBT Act
Introduced: Jan 14, 2025
Latest action date: Jan 14, 2025
Latest development
Referred to the House Committee on Ways and Means.
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- Congress
- 119th Congress
- Introduced
- Jan 14, 2025
- Recorded roll calls
- 0
Status detail: The most advanced recorded stage is committee consideration.
Plain-language overview
What this bill does
Debt Explanation Before Taxwriters Act or the DEBT Act
This bill requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations.
The term extraordinary measures generally refers to a series of actions that the Department of the Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds.
The bill requires the Secretary of the Treasury to appear before the committees to provide a detailed explanation of (1) the extraordinary measures that Treasury will take and the administrative costs of taking the measures, and (2) any reversal of such measures and any other changes in the funding of federal government obligations.
Official summary from Congress.gov.
Civixly topics
What this legislation is about
Civixly topics make federal and state legislation comparable. They are derived from the official CRS policy area and legislative subjects.
Official CRS policy area
Economics and Public Finance
View 6 official legislative subjects
Budget deficits and national debtCongressional oversightCongressional-executive branch relationsDepartment of the TreasuryHouse Committee on Ways and MeansSenate Committee on Finance
Committee activity
Committees and subcommittees that received, reviewed, marked up, or reported this legislation.
Official committee record ↗
Amendments
Proposed changes to this measure, with their latest official outcome or action from Congress.gov.
No amendments are listed for this measure.
Checked against Congress.gov Oct 19, 2026.
Action timeline
Newest action first. Action language comes from the official Congress.gov record.
View full action timeline3 actions
Referred to the House Committee on Ways and Means.
IntroReferralHouse floor actionsIntroduced in House
IntroReferralLibrary of CongressIntroduced in House
IntroReferralLibrary of Congress
Roll-call votes
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