H.R. 6895 — Debt Solution and Accountability Act

This section establishes reporting requirements for the Secretary of the Treasury prior to increases in the public debt limit (i.e., under 31 U.S.C. §3101). On specified reporting dates—when debt subject to the limit reaches 99.5% of such limit or one month before a suspension of the limit expires—the Secretary must submit to the House and Senate Committees on Ways and Means, Appropriations, and Budget, and the Senate Committee on Finance, (1) a report on the state of public debt, including its historical levels, current amount and composition, future projections and drivers, and plans to meet principal and interest obligations; and (2) a statement of the President's proposals to reduce or slow debt growth and lower the debt-to-GDP ratio in the short term (current and next three fiscal years), medium term (five to nine fiscal years), and long term (10 to 25 fiscal years), the impacts of increasing or not increasing the debt limit (including on spending, debt service, and the U.S. dollar as reserve currency), and projections of fiscal health for major entitlement programs (Social Security, Medicare, and Medicaid). Within 180 days after any debt limit increase or suspension takes effect, the Secretary must submit a progress report on implementing the President's debt-reduction proposals. All reports must be publicly accessible via links on the Treasury Department's website for at least six months.

This section requires the Secretary of the Treasury, not later than 30 days after receiving a written request from the chairman of the House Committee on Ways and Means or the Senate Committee on Finance, to provide financial and economic data relevant to determining the amount of the public debt of the United States under 31 U.S.C. §3101. The data includes (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; and (3) information regarding extraordinary measures taken to prevent the public debt from exceeding the statutory limit.