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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Debt Management and Fiscal
Responsibility Act of 2016''.

SEC. 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:
''Sec. 3131. Report before reaching debt limit
''(a) In General.--Not later than 60 days and not earlier than 21
days before 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 of the Treasury 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 historical levels of Federal revenue,
including corporate and individual Federal income taxes
as a percent of the gross domestic product;
''(C) the drivers and composition of future debt;
''(D) how, if the debt limit is raised, the United
States will meet debt obligations, including principal
and interest;
''(E) any reduction measures the Secretary intends
to take to fund Federal Government obligations if the
debt limit is not raised, including--
''(i) notifying Congress when the limit has
been reached; and
''(ii) notifying Congress when the
Secretary has begun taking such measures and
specifying which measures are currently being
used;
''(F) if the President recommends that Congress
adopt, in general, a balanced budget amendment to the
Constitution of the United States to help control the
accumulation of future debt; and
''(G) the most recent contingency plans formulated
for any default on United States Treasury securities
(stemming from, for example, cyberattack, terrorist
attack, severe weather event, debt limit impasse, or
any other contingency that could interrupt Treasury
access to funding markets) or downgrade of the credit
rating of the United States.
''(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 3 to
5 fiscal years), and long term (approximately 10 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 Federal Government spending, debt service,
and the position of the United States dollar as the
international reserve currency;
''(C) projections of fiscal health and
sustainability of major direct-spending entitlement
programs (including Social Security, Medicare, and
Medicaid);
''(D) the plan of the President for each week that
the debt of the United States is at the statutory
limit, to publicly disclose, on the Web site of the
Department of the Treasury--
''(i) all reduction measures currently
being used by the Secretary to avoid defaulting
on obligations of the Federal Government;
''(ii) with respect to each reduction
measure, whether or not such measure is
currently being used--
''(I) the total dollar amount of
such measure that has been used; and
''(II) the total dollar amount of
such measure that the Secretary
estimates is still available for use;
and
''(iii) the date on which the Secretary
estimates that all reduction measures will be
exhausted, and the Federal Government will
begin defaulting on its obligations; and
''(E) any extraordinary measures the Secretary
intends to take to fund Federal Government obligations
if the debt limit is not raised, a projection of how
long such extraordinary measures will fund the Federal
Government, and a projection of the administrative cost
of taking such extraordinary measures.
''(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 the Secretary of
the Treasury 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); and
''(4) the comprehensive summaries of contingency plans
formulated for any debt default on United States Treasury
securities or downgrade of the credit rating of the United
States submitted under subsection (b)(1)(G).
''(d) Reduction Measures Defined.--For purposes of this section,
the term 'reduction measures' means each of the following:
''(1) Directing or approving the issuance of debt by the
Federal Financing Bank for the purpose of entering into an
exchange transaction for debt that is subject to the limit
under this section.
''(2) Suspending investments in the Government Securities
Investment Fund of the Thrift Savings Fund.
''(3) Suspending investments in the stabilization fund
established under section 5302.
''(4) Suspending new investments in the Civil Service
Retirement and Disability Fund or the Postal Service Retiree
Health Benefits Fund.
''(5) Selling or redeeming securities, obligations, or
other invested assets of the Civil Service Retirement and
Disability Fund or the Postal Service Retiree Health Benefits
Fund before maturity.
''(6) Such other measures as the Secretary determines
appropriate.''.
(b) Clerical Amendment.--The table of sections 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.''.

SEC. 3. ACCESS TO CERTAIN TREASURY DEPARTMENT DATA.

Upon written request from the Chairman of the Committee on Finance
of the Senate or the Committee on Ways and Means of the House of
Representatives, the Secretary of the Treasury shall provide to the
requesting Chairman financial and economic data relevant to determining
the amount of the public debt of the United States, including--
(1) cash flow and debt transaction information used in
preparing the Daily Treasury Statement, including current
balances, receipts, and payments;
(2) operating cash balance projections;
(3) relevant information regarding any extraordinary
measures taken to prevent the public debt from exceeding
limitation imposed by section 3101(b) of title 31, United
States Code, including--
(A) measures taken with respect to investments in
the Civil Service Retirement and Disability Fund;
(B) the suspension of the issuance of obligations
to the Government Securities Investment Fund In the
Thrift Savings Fund; and
(C) measures taken with respect to the
stabilization fund under section 5302 of title 31 of
such Code;
(4) contingency plans for addressing delayed payments on
debt obligations; and
(5) contingency plans for addressing ratings downgrades on
debt obligations.
Output:
Debt Management and Fiscal Responsibility Act of 2016 This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury 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; a recommendation regarding a balanced budget amendment to the U.S. Constitution; and contingency plans for any default on Treasury securities or downgrade of the U.S. credit rating. 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; 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 specified information required by this bill available to the public on its website. Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.