Debt Management and Fiscal Responsibility Act of 2015

Bill: 114-hr-3442
Sponsor: Rep. Marchant, Kenny [R-TX-24]
Introduced: 2015-09-08 in the House
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Congressional oversight
Constitution and constitutional amendments
Financial services and investments
Government employee pay, benefits, personnel management
Government information and archives
International monetary system and foreign exchange
Medicaid
Medicare
Securities
Social security and elderly assistance

Summary:
action_date: 2015-09-08
text: 

Debt Management and Fiscal Responsibility Act of 2015 

 
This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which the Secretary anticipates the public debt will reach the statutory limit. 
 
The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a report including: the historic, current, and projected levels of the debt; the drivers and composition of future debt; and how the U.S. will meet debt obligations if the debt limit is raised. 
 
The Secretary must also provide a detailed explanation of: 
 
 
 proposals of the President to reduce the debt and a progress report on implementing them; 
 
the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; and 
 
projections of the fiscal health and sustainability of major entitlement programs (including Social Security, Medicare, and Medicaid). 
 
 
The Department of the Treasury must make the information required by this bill available to the public on the Treasury website. 

action_date: 2015-10-07
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Debt Management and Fiscal Responsibility Act of 2015 

 
(Sec. 2) This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which the Secretary anticipates the public debt will reach the statutory limit. 
 
The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a report including: the historic, current, and projected levels of the debt; the drivers and composition of future debt; and how the United States will meet debt obligations if the debt limit is raised. 
 
The Secretary must also provide a detailed explanation of: 
 
 
 proposals of the President to reduce the debt and a progress report on implementing them; 
 
the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; and 
 
projections of the fiscal health and sustainability of major entitlement programs (including Social Security, Medicare, and Medicaid). 
 
 
The Department of the Treasury must make the information required by this bill available to the public on the Treasury website. 

action_date: 2016-02-11
text: 

Debt Management and Fiscal Responsibility Act of 2015 

 
(Sec. 2) This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which the Secretary anticipates the public debt will reach the statutory limit. 
 
The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a report including: 
 
 
historic, current, and projected levels of debt;
 
historic levels of revenue; 
 
the drivers and composition of future debt; 
 
how the United States will meet debt obligations if the debt limit is raised;
 
reduction measures Treasury intends to take to fund obligations if the debt limit is not raised; and
 
the President's recommendation regarding a balanced budget amendment to the U.S. Constitution.
 
 
The Secretary must also provide a detailed explanation of: 
 
 
 proposals to reduce the debt and a progress report on implementing them; 
 
the impact an increased debt limit will have on future spending, debt service, and the position of the U.S. dollar as the international reserve currency; 
 
projections of the fiscal health and sustainability of major entitlement programs (including Social Security, Medicare, and Medicaid);
 
measures Treasury is taking or intends to take to avoid default, including a plan to publicly disclose the details; and
 
Treasury's capability to pay only principal and interest on the debt if the limit is reached.
 
 
 Treasury must make the information required by this bill available to the public on its website. 


Legislative actions:
action_date: 2016-02-22
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2016-02-11
text: The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 3442.
action_date: 2016-02-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-02-11
text: On passage Passed by recorded vote: 267 - 151 (Roll no. 76).
action_date: 2016-02-11
text: Passed/agreed to in House: On passage Passed by recorded vote: 267 - 151 (Roll no. 76).
action_date: 2016-02-11
text: On motion to recommit with instructions Failed by recorded vote: 179 - 238 (Roll no. 75). (consideration: CR H748)
action_date: 2016-02-11
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H748)
action_date: 2016-02-11
text: DEBATE - The House proceeded with 10 minutes of debate on the Doggett motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with amendments to require an analysis of the long-term revenue lost from tax avoidance and evasion resulting from inversions and the exploitation of tax loopholes by businesses and wealthy individuals and the long-term revenue effect of a shrinking middle class.
action_date: 2016-02-11
text: Mr. Doggett moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H747-748; text: CR H747)
action_date: 2016-02-11
text: The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.
action_date: 2016-02-11
text: The previous question was ordered pursuant to the rule. (consideration: CR H746)
action_date: 2016-02-11
text: The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3442.
action_date: 2016-02-11
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Takano amendment No. 8, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Takano demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Takano amendment No. 8.
action_date: 2016-02-11
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Grijalva amendment No. 7, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Grijavla demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Grijalva amendment No. 7.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Messer amendment No. 6.
action_date: 2016-02-11
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Duffy amendment No. 5, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Duffy demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Duffy amendment No. 5.
action_date: 2016-02-11
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Kelly (IL) amendment No. 4, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Kelly (IL) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Kelly (IL) amendment No. 4.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H. Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Newhouse amendment No. 3.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H.Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Huelskamp amendment No. 2.
action_date: 2016-02-11
text: DEBATE - Pursuant to the provisions of H.Res. 609, the Committee of the Whole proceeded with 10 minutes of debate on the Grijalva amendment No. 1.
action_date: 2016-02-11
text: GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3442.
action_date: 2016-02-11
text: House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 609 and Rule XVIII.
action_date: 2016-02-11
text: The Speaker designated the Honorable Bradley Byrne to act as Chairman of the Committee.
action_date: 2016-02-11
text: Resolution provides for consideration of H.R. 3442 and H.R. 3293.
action_date: 2016-02-11
text: Considered under the provisions of rule H. Res. 609. (consideration: CR H728-749; text of measure as reported in House: CR H735-736)
action_date: 2016-02-09
text: Rules Committee Resolution H. Res. 609 Reported to House. Resolution provides for consideration of H.R. 3442 and H.R. 3293.
action_date: 2015-10-07
text: Placed on the Union Calendar, Calendar No. 220.
action_date: 2015-10-07
text: Reported by the Committee on Ways and Means. H. Rept. 114-291.
action_date: 2015-10-07
text: Reported by the Committee on Ways and Means. H. Rept. 114-291.
action_date: 2015-09-10
text: Ordered to be Reported by the Yeas and Nays: 22 - 14.
action_date: 2015-09-10
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-09-08
text: Referred to the House Committee on Ways and Means.
action_date: 2015-09-08
text: Introduced in House
action_date: 2015-09-08
text: Introduced in House