{"id":1839153,"date":"2023-02-08T06:20:49","date_gmt":"2023-02-08T11:20:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1839153"},"modified":"2023-02-08T06:23:39","modified_gmt":"2023-02-08T11:23:39","slug":"bill-would-require-treasury-secretary-to-appear-before-congress-when-debt-ceiling-is-near","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bill-would-require-treasury-secretary-to-appear-before-congress-when-debt-ceiling-is-near\/","title":{"rendered":"Bill Would Require Treasury Secretary to Appear Before Congress When Debt Ceiling Is Near"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbill-would-require-treasury-secretary-to-appear-before-congress-when-debt-ceiling-is-near%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1839153&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Rep. David Schweikert (R.Ariz.), introduced a bill requiring the U.S. Treasury Secret to appear before Congress before reaching the debt limit or when extraordinary steps are taken to avoid the nation defaulting on its financial obligations.<\/p>\n<p>H.R. 846, referred to as the \u2018Debt Explanation Before Taxwriters Act, or DEBT Act, was introduced Feb. 6 and assigned to the House Ways and Means Committee.<\/p>\n<p>\u201cAs 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,\u201d Schweikert said in a statement.<\/p>\n<p>\u201cIt\u2019s imperative that Secretary Yellen be transparent with Congress on Treasury\u2019s debt management capabilities so that we rein in unsustainable spending and boost financial security for hardworking families.\u201d<\/p>\n<p>Last month, the United States was close to its $31.4 trillion debt ceiling. On Jan. 13, Yellen wrote to Kevin McCarthy, the House Speaker (R-Calif.), announcing that she had taken extraordinary steps authorized by Congress in order to avoid the ceiling.<\/p>\n<figure id=\"attachment_4517297\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2022\/06\/07\/National-debt-clock-1200x800-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-post-thumbnail wp-image-4517297\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/National-debt-clock-1200x800-700x420-1.jpg\" alt=\"national debt\" width=\"640\" height=\"384\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-post-thumbnail wp-image-4517297\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/National-debt-clock-1200x800-700x420-1.jpg\" alt=\"national debt\" width=\"640\" height=\"384\" \/><\/noscript><\/figcaption><\/a> A\u00a0 billboard displaying the national debt in Las Vegas, Nev., on Feb. 8, 2022. (Bryan Steffy\/Getty Images of Peter G. Peterson Foundation<\/figure>\n<p>The DEBT Act would require that the Secretary appear in person before both the House Ways and Means Committee and Senate Finance Committee. He will provide details on the extraordinary measures taken by the country to avoid the debt ceiling and an estimate for the cost.<\/p>\n<p>The debt ceiling is the maximum amount of debt Congress authorizes the government to keep at one time.<\/p>\n<p>President Joe Biden is currently negotiating with Speaker McCarthy to raise the debt limit.<\/p>\n<p>McCarthy stated that he would like to see a referendum. \u201cresponsible\u201d He calls for an increase in the debt ceiling and a reduction of what he terms as excessive federal spending.<\/p>\n<p>Biden repeatedly stated that he won&#8217;t negotiate about raising the debt ceiling, as failure to do so would expose the entire faith and credit of America.<\/p>\n<p>Schweikert asked Yellen Jan. 31 whether she could prioritize bill payments in the face of the current debt-ceiling crisis.<\/p>\n<p>Ex-Treasury officials claimed that this would not be possible due to the complexity and inefficiencies of its payment systems.<\/p>\n<p>The Epoch Times asked for comment from Treasury but they did not respond.<\/p>\n<p>Rep. Adrian Smith (R. Neb.), co-sponsors The DEBT Act Rep. Lloyd Smucker, R-Pa.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rep. David Schweikert (R.Ariz.), introduced a bill requiring the U.S. Treasury Secret to appear before Congress before reaching the debt limit or when extraordinary steps are taken to avoid the nation defaulting on its financial obligations. H.R. 846, referred to as the \u2018Debt Explanation Before Taxwriters Act, or DEBT Act, was introduced Feb. 6 and &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1839156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[10142,4402,5487,9456,3779,3778],"class_list":["post-1839153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-ceiling","tag-congress","tag-debt","tag-require","tag-secretary","tag-treasury"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1839153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1839153"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1839153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1839156"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1839153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1839153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1839153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}