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(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.

Policy Area

Economics and Public Finance

Legislative Terms

  • 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