Summary

                            To prohibit the Secretary of the Treasury from using extraordinary measures to prevent the Government from reaching the statutory debt limit, or using extraordinary measures once such limit has been reached, and for other purposes.

Introduced in House
Debt Limit Control and Accountability Act of 2017

This bill prohibits the Department of the Treasury from using extraordinary
measures either to prevent the United States from reaching the statutory debt
limit or once the debt limit has been reached. 

Under the bill, extraordinary measures are: 

 * suspending investments of the Thrift Savings Plan G Fund or the Exchange
   Stabilization Fund, 
 * suspending the issuance of new securities to the Civil Service Retirement and
   Disability Fund and Postal Service Retiree Health Benefits Fund,
 * redeeming early securities held by the Civil Service Retirement and
   Disability Fund and the Postal Service Retiree Health Benefits Fund,
 * suspending the issuance of new State and Local Government Series securities
   and savings bonds,
 * replacing Treasury securities subject to the debt limit with debt issued by
   the Federal Financing Bank, or 
 * any other extraordinary actions taken by Treasury to avoid defaulting on the
   obligations of the United States. 

The bill also repeals statutory provisions that established procedures for
presidential modification of the debt ceiling.



                        

Actions

  • Referred to the House Committee on Ways and Means.

    Mar 15th, 2017
  • Introduced in House

    Mar 15th, 2017
  • Introduced in House

    Mar 15th, 2017