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Bill

HR 402

DEBT Act

119th Congress Introduced by David Schweikert

The DEBT Act aims to reduce national debt by setting spending caps, enhancing revenue, and promoting fiscal responsibility, impacting taxpayers and public services.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 402

Summary of HR 402 - DEBT Act

Introduction

The DEBT Act (HR 402) was introduced in the House of Representatives on January 14, 2025. The bill aims to address issues related to national debt and fiscal responsibility. It has been referred to the House Committee on Ways and Means for further consideration.

Purpose and Intent

The primary purpose of the DEBT Act is to implement measures that will help manage and reduce the national debt. The bill seeks to promote fiscal responsibility by establishing guidelines and frameworks for government spending and borrowing.

Key Provisions

While the specific text of the bill has not been detailed in the provided information, typical provisions in similar legislation may include:

  • Debt Reduction Targets: Establishing specific targets for reducing the national debt over a defined period.
  • Spending Caps: Imposing limits on discretionary spending to ensure that expenditures do not exceed revenue.
  • Revenue Enhancements: Proposing measures to increase government revenue, potentially through tax reforms or closing tax loopholes.
  • Transparency Measures: Requiring regular reporting on the status of the national debt and the effectiveness of measures taken to reduce it.

Affected Parties

The DEBT Act would primarily impact:

  • Federal Government: The bill would impose new fiscal policies that the government must adhere to.
  • Taxpayers: Changes in tax policy or spending could directly affect taxpayers, either through increased taxes or changes in government services.
  • Public Services: Depending on spending caps, various public services may experience funding changes, affecting their availability and quality.

Procedural Aspects

  • Introduced Date: January 14, 2025
  • Current Status: The bill is currently in the introductory phase and has been referred to the House Committee on Ways and Means for review and discussion.

Conclusion

The DEBT Act (HR 402) represents a legislative effort to tackle the growing national debt through a combination of spending controls and revenue enhancements. As the bill progresses through the legislative process, further details will emerge regarding its specific provisions and potential impacts on the federal budget and taxpayers.

Compiled from official sources — confirm details with the bill’s official record.

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