DEBT Act

# DEBT Act Summary **What It Would Do:** The DEBT Act (Debt Explanation Before Taxwriters Act) would require the Treasury Secretary to testify before two key congressional committees—the House Ways and Means Committee and the Senate Finance Committee—before the federal government hits its borrowing limit or uses emergency financial measures. The Treasury Secretary would have to explain in detail what extraordinary measures (special financial tactics like delaying certain payments or redirecting investments) the Treasury plans to use, how much these measures cost to implement, and any changes to these plans. **Who It Affects:** This bill primarily affects Congress and the Treasury Department. It increases congressional oversight by ensuring lawmakers get advance notice and detailed explanations about how the Treasury manages the nation's finances when approaching the debt ceiling.

Indirectly, it affects all Americans by potentially increasing transparency around how the government handles debt management. **Current Status:** The bill is currently in committee, meaning it has been introduced but has not yet been debated or voted on by the full House. It was introduced by Representative David Schweikert, a Republican from Arizona.