Rep. David Schweikert (R-Ariz.) introduced a bill that would require the U.S. Treasury Secretary to appear before Congress before the debt ceiling is reached, or when extraordinary measures are taken to prevent the nation from defaulting on its financial obligations.
H.R. 846, referred to as the ‘Debt Explanation Before Taxwriters Act, or DEBT Act, was introduced Feb. 6 and assigned to the House Ways and Means Committee.
“As Secretary of the Treasury, Janet Yellen has the responsibility of deciding what extraordinary steps are necessary to prevent us from defaulting on our debt, which will absolutely never happen,” said Schweikert in a statement.
“It’s imperative that Secretary Yellen be transparent with Congress on Treasury’s debt management capabilities so that we rein in unsustainable spending and boost financial security for hardworking families.”
The United States approached its $31.4 trillion debt ceiling last month. Yellen informed House Speaker Kevin McCarthy (R-Calif.) by letter on Jan. 13 that she had taken extraordinary measures authorized by Congress to avoid reaching the ceiling.
The DEBT Act would require the Secretary to appear in person before the House Ways and Means Committee and the Senate Finance Committee to provide details on extraordinary measures taken to keep the country from reaching the debt ceiling and an estimate of the cost of doing so.
The debt ceiling is the total amount of debt the government is authorized by Congress to hold at one time.
Negotiations on raising the debt ceiling are ongoing between President Joe Biden and Speaker McCarthy.
McCarthy has stated that he wants to pass a “responsible” increase in the debt ceiling while cutting what he describes as runaway federal spending.
Biden has repeatedly stated that he will not negotiate over raising the debt ceiling because failure to do so would put the full faith and credit of the United States at risk.
In connection with the current debt-ceiling crisis, Schweikert wrote to Yellen on Jan. 31 asking whether the Treasury has the capability to prioritize bill payments in the event the debt ceiling is not raised.
Former Treasury officials have said that would be impossible due to the complexity of its payment systems.
The Treasury did not reply to a request for comment by The Epoch Times.
The DEBT Act is co-sponsored by Rep. Adrian Smith (R-Neb.) and Rep. Lloyd Smucker (R-Pa.).
