H.R. 1497: To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.

H.R. 1497: To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.

114th Congress · introduced 2015-03-19 · Economics and Public Finance · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

Where it came from: introduced 2015-03-19 · official record
Who proposed it: Rep. Huelskamp, Tim [R-KS-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.

Plain summary

This bill requires the Department of the Treasury to notify Congress when the debt of the U.S. government has reached the statutory limit and if Treasury has begun using reduction measures to avoid default. Treasury must also specify which reduction measures are currently being used. Reduction measures include the issuance of debt by the Federal Financing Bank to exchange debt that is subject to the limit; suspending investments in the Government Securities Investment Fund of the Thrift Savings Fund; suspending investments in the Exchange Stabilization Fund; suspending, redeeming, or selling investments in the Civil Service Retirement and Disability Fund or the Postal Service Retiree Health Benefits Fund; and other measures Treasury determines to be appropriate. For each day the debt is at the statutory limit, Treasury must publicly disclose reduction measures currently being used, the amounts that have been used and remain available for each measure, and the date on which Treasury estimates that all measures will be exhausted and the government will begin defaulting.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

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What does this mean? (plain words)

Official text

To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Huelskamp, Tim [R-KS-1] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (5)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.
Statute: A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr1497.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr1497 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114