United States 118th Congress Status: Died 1 R cosponsors

HR 1265 — Debt Solution and Accountability Act

Last action — Referred to the House Committee on Ways and Means.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

To provide further means of accountability with respect to the United States debt and promote fiscal responsibility.

Bill Text

Sections of law this bill changes

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Also cites: 31 U.S.C. § 3101, 31 U.S.C. § 3101A

How this bill changes current law

2 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds new reporting requirements for the Secretary of the Treasury after a debt limit increase.

  • 31 U.S.C. § 3101

    Sec. 3131. Report after debt limit is increased. (a) In General.--Not more than 60 days after the limit specified under section 3101, as modified by section 3101A, is increased, the Secretary of the Treasury shall submit a report to the Committee on Ways and Means of the House of Representatives, the Committee on Appropriations of the House of Representatives, the Committee on the Budget of the House of Representatives, the Committee on Finance of the Senate, the Committee on Appropriations of the Senate, and the Committee on the Budget of the Senate consisting of the following: (1) Debt report.--A report on the state of the public debt, including-- (A) the historical levels of the debt, current amount and composition of the debt, and future projections of the debt; (B) the drivers and composition of future debt; and (C) how the United States will meet debt obligations, including principal and interest. (2) Statement of intent.--A detailed explanation of-- (A) proposals of the President to reduce the public debt in the short term (the current and following three fiscal years), medium term (approximately five to nine fiscal years), and long term (approximately ten to twenty-five fiscal years), and proposals of the President to adjust the debt-to-gross domestic product ratio; (B) the impact the increased debt limit will have on future Government spending, debt service, and the position of the United States dollar as the international reserve currency; and (C) projections of fiscal health and sustainability of major direct-spending entitlement programs (including Social Security, Medicare, and Medicaid). (b) Progress Report.--Not more than 180 days after the report described in subsection (a) is submitted, the Secretary of the Treasury shall submit a detailed report on the progress of implementing all proposals of the President described under paragraph (2)(A). (c) Public Access to Information.--The Secretary of the Treasury shall furnish publicly accessible links on the web page of the Department of the Treasury to each report submitted under this section. Such links shall be available for not less than the 6-month period following the date of such submission.

    This provision mandates the Secretary of the Treasury to report to Congress on the public debt and fiscal strategies after a debt limit increase.

  • 31 U.S.C. § 3101

    The table of analysis for chapter 31 of title 31, United States Code, is amended by inserting after the item relating to section 3130 the following: "3131. Report after debt limit is increased.".

    This change updates the table of analysis to include the new reporting section.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 1265 do?
To provide further means of accountability with respect to the United States debt and promote fiscal responsibility.
Who sponsors HR 1265?
HR 1265 is sponsored by Smucker, Lloyd (Republican).
What is the current status of HR 1265?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1265?
Track HR 1265 free on One Click Politics — get push/email alerts when it moves.

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