WASHINGTON, D.C. — Last night, Congressman David Schweikert (AZ-01) introduced the Debt Explanation Before Taxwriters (DEBT) Act, legislation requiring the United States Treasury Secretary to appear before Congress before the debt limit is reached or when extraordinary measures are taken to prevent the U.S. from defaulting on its debt obligations.
“As Secretary of the Treasury, Janet Yellen has the responsibility of deciding what extraordinary steps are necessary to prevent us from defaulting on our debt, which will absolutely never happen. It’s imperative that Secretary Yellen be transparent with Congress on Treasury’s debt management capabilities so that we rein in unsustainable spending and boost financial security for hardworking families,”said Rep. Schweikert.
The DEBT Act specifies that the Treasury Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to explain the details on any extraordinary measures taken to pay the nation’s bills and an estimate of the administrative costs needed to keep the country under the debt cap. Additionally, the Treasury Secretary must inform the Committees when extraordinary measures will be suspended upon an increase in the debt ceiling.
To read the full text of the bill, click here.Back to News