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Bill114th CongressFiled Sep 8, 2015Economics and Public Finance
H.R. 3442

Debt Management and Fiscal Responsibility Act of 2015

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What it doesSummary passed house amended (Feb 11, 2016)

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.

What just happenedFeb 22, 2016

Received in the Senate and Read twice and referred to the Committee on Finance.

Who’s behind it

Rep. Marchant, Kenny [R-TX-24](R-TX)Sponsor
35 cosponsors35 R
Read on Congress.gov
35cosponsors2committees38actions8amendments2related bills11subjects
  1. Feb 22, 2016IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Finance.

    Finance Committee
  2. Feb 11, 2016FloorH38900

    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.

  3. Feb 11, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  4. Feb 11, 2016FloorH37100

    On passage Passed by recorded vote: 267 - 151 (Roll no. 76).

  5. Feb 11, 2016Floor8000

    Passed/agreed to in House: On passage Passed by recorded vote: 267 - 151 (Roll no. 76).

  6. Feb 11, 2016FloorH36110

    On motion to recommit with instructions Failed by recorded vote: 179 - 238 (Roll no. 75). (consideration: CR H748)

    Ways and Means Committee
  7. Feb 11, 2016FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H748)

  8. Feb 11, 2016FloorH8D000

    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.

  9. Feb 11, 2016FloorH36100

    Mr. Doggett moved to recommit with instructions to the Committee on Ways and Means. (consideration: CR H747-748; text: CR H747)

    Ways and Means Committee
  10. Feb 11, 2016FloorH34400

    The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union.

  11. Feb 11, 2016FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H746)

  12. Feb 11, 2016FloorH32600

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3442.

  13. Feb 11, 2016FloorH8D000

    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.

  14. Feb 11, 2016FloorH8D000

    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.

  15. Feb 11, 2016FloorH8D000

    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.

  16. Feb 11, 2016FloorH8D000

    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.

  17. Feb 11, 2016FloorH8D000

    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.

  18. Feb 11, 2016FloorH8D000

    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.

  19. Feb 11, 2016FloorH8D000

    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.

  20. Feb 11, 2016FloorH8D000

    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.

  21. Feb 11, 2016FloorH8D000

    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.

  22. Feb 11, 2016FloorH8D000

    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.

  23. Feb 11, 2016FloorH8D000

    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.

  24. Feb 11, 2016FloorH8D000

    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.

  25. Feb 11, 2016FloorH8D000

    GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3442.

  26. Feb 11, 2016FloorH32020

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 609 and Rule XVIII.

  27. Feb 11, 2016FloorH32400

    The Speaker designated the Honorable Bradley Byrne to act as Chairman of the Committee.

  28. Feb 11, 2016FloorH8D000

    Resolution provides for consideration of H.R. 3442 and H.R. 3293.

  29. Feb 11, 2016FloorH30000

    Considered under the provisions of rule H. Res. 609. (consideration: CR H728-749; text of measure as reported in House: CR H735-736)

  30. Feb 9, 2016FloorH1L210

    Rules Committee Resolution H. Res. 609 Reported to House. Resolution provides for consideration of H.R. 3442 and H.R. 3293.

  31. Oct 7, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 220.

  32. Oct 7, 2015CommitteeH12200

    Reported by the Committee on Ways and Means. H. Rept. 114-291.

    Ways and Means Committee
  33. Oct 7, 2015Committee5000

    Reported by the Committee on Ways and Means. H. Rept. 114-291.

    Ways and Means Committee
  34. Sep 10, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 22 - 14.

    Ways and Means Committee
  35. Sep 10, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Ways and Means Committee
  36. Sep 8, 2015IntroReferralH11100

    Referred to the House Committee on Ways and Means.

    Ways and Means Committee
  37. Sep 8, 2015IntroReferralIntro-H

    Introduced in House

  38. Sep 8, 2015IntroReferral1000

    Introduced in House

Passed House amendedFeb 11, 201636

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.

Reported to House without amendmentOct 7, 201579

(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.

Introduced in HouseSep 8, 2015

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.

Debt Management and Fiscal Responsibility Act of 2015 — Informed