H.R. 402 — DEBT Act

This section requires the Secretary of the Treasury to appear before the House Committee on Ways and Means and the Senate Committee on Finance not more than 60 days and not less than 21 days prior to anticipating that public debt will reach the statutory limit under 31 U.S.C. §3101(b) (as modified by §3101A) or that extraordinary measures will be taken to prevent default on U.S. obligations. The Secretary must submit a detailed explanation of (1) any such extraordinary measures to fund federal obligations prior to a debt limit increase, including estimated administrative costs; and (2) any reversals of those measures or other funding changes following the increase. The section defines extraordinary measures to include nine specified actions (e.g., suspending reinvestments or new investments in the Exchange Stabilization Fund established under 31 U.S.C. §5302, redeeming investments of the Civil Service Retirement and Disability Fund, and suspending sales of State and Local Government Series Treasury securities).