I 114th CONGRESS 1st Session H. R. 3442 IN THE HOUSE OF REPRESENTATIVES September 8, 2015 Mr. Marchant introduced the following bill; which was referred to the Committee on Ways and Means A BILL To provide further means of accountability of the United States debt and promote fiscal responsibility.

1. Short title This Act may be cited as the Debt Management and Fiscal Responsibility Act of 2015 . 2. Secretary of the Treasury report to Congress before reaching debt limit (a) In general Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end the following: 3131. Report before reaching debt limit (a) In general Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary of the Treasury anticipates the public debt will reach the limit specified under section 3101, as modified by section 3101A, the Secretary shall appear before the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate, to submit the information described under subsection (b). (b) Information required To be presented In an appearance described under subsection (a), the Secretary shall submit the following: (1) Debt Report A report on the state of the public debt, including— (A) the historical levels of the debt, current amount and composition of the debt, and future projections of the debt; (B) the drivers and composition of future debt; and (C) how, if the debt limit is raised, the United States will meet debt obligations, including principal and interest. (2) Statement of intent A detailed explanation of— (A) proposals of the President to reduce the public debt in the short term (the current and following fiscal year), medium term (approximately three to five fiscal years), and long term (approximately ten fiscal years), and proposals of the President to adjust the debt-to-gross domestic product ratio; (B) the impact an increased debt limit will have on future Government spending, debt service, and the position of the United States dollar as the international reserve currency; and (C) projections of fiscal health and sustainability of major direct-spending entitlement programs (including Social Security, Medicare, and Medicaid). (3) Progress report (A) In general A detailed report on the progress of implementing all proposals of the President described under subparagraph (A) of paragraph (2). (B) Exception The report described under this paragraph shall only be submitted if a Secretary has already appeared at least once pursuant to this section during any term of office for a particular President. (c) Public access to information The Secretary of the Treasury shall place on the homepage of the Department of the Treasury a link to a webpage that shall serve as a repository of information made available to the public for at least 6 months following the date of release of the relevant information, including: (1) The debt report submitted under subsection (b)(1). (2) The detailed explanation submitted under subsection (b)(2). (3) The progress report submitted under subsection (b)(3). (4) Such other information as the Secretary reasonably believes is necessary or helpful to the public in understanding the statutory debt limit, Government debt, and the reports and explanations described under paragraphs (1), (2), and (3). . (b) Clerical amendment The table of analysis for chapter 31 of title 31, United States Code, is amended by inserting after the item relating to section 3130 the following: 3131. Report before reaching debt limit. .