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H.R. 1265: Debt Solution and Accountability Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 17, 2023.

Debt Solution and Accountability Act

This bill requires the Department of the Treasury to submit to Congress a debt report and a statement of intent within 60 days of an increase in the public debt limit.

The debt report must include

the historic, current, and projected levels of debt; the drivers and composition of future debt; and how the United States will meet debt obligations. The statement of intent must include a detailed explanation of

proposals of the President to reduce the debt; the impact the 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). Treasury must make the 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.