Smucker Introduces Debt Solution and Accountability Act

WASHINGTON - Rep. Lloyd Smucker (PA-11), Vice Chair of the House Budget Committee, recently introduced H.R. 6895, the Debt Solution and Accountability Act, with Rep. Tom Suozzi­ (NY-03), to establish new transparency and reporting requirements for the Department of the Treasury whenever the federal government approaches the statutory debt limit.

This legislation requires the Treasury Department to submit a comprehensive report to Congress one month before a debt limit suspension expires, or whenever the national debt reaches 99.5% of the statutory debt limit. This report must include information on the state of the public debt, its main drivers, and the administration's plans to reduce debt in the short, medium, and long term.

Our debt crisis poses a serious threat to the future economic health of the nation. A bipartisan solution like the Debt Solution and Accountability Act would strengthen fiscal accountability, improve Congressional oversight, and ensure that debt limit actions are accompanied by concrete plans to reduce long-term federal debt.

"Both parties have added to the national debt over time-and the consequences are real. This straightforward requirement would hold Washington accountable to making fiscally responsible decisions concerning our debt with all available information at its disposal. The American people deserve to have confidence in their economic future, and this measure will secure that confidence in the full faith and credit of the United States," said Rep. Smucker.

"Affordability is the number one issue facing Americans today. Our massive national debt, the highest in history, is a major cost driver, keeping interest rates high so people can't afford homes or cars," said Rep. Suozzi. "Requiring the Treasury to communicate with Congress when our debt gets too high just makes sense. We need a whole of government approach to fiscal responsibility which, when practiced at the national level, lowers prices for everyone."

The following organizations endorse this legislation: Committee for a Responsible Federal Budget, Americans for Prosperity, National Taxpayers Union Foundation, Arnold Ventures, Concord Action, Peterson Solutions Fund, Bipartisan Policy Center Action, and In the Black (formerly Millennial Debt Foundation).

"The full faith and credit of the United States should never be used as a hostage when the debt limit approaches. Likewise, Congress should not ignore what the debt limit tells us. Our fiscal path is unsustainable. Rep. Smucker and Rep. Suozzi's Debt Solution and Accountability Act requiring the Treasury to provide timely reporting as the US approaches a debt limit, and a clear debt reduction strategy can improve oversight and force a more honest conversation about the drivers of our debt. We applaud such efforts to increase transparency, and we encourage policymakers to improve the budget process and develop real reforms that put debt on a downward path." - Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

"Presidential leadership can help Congress defuse the debt threat. Under Representatives Smucker and Suozzi's Debt Solution and Accountability Act, presidents would prime the pump for Congress to address future debt limit increases. This could improve the dynamics of debt limit deals and lead to better results for the country." - Kurt Couchman, Senior Fellow in Fiscal Policy, Americans for Prosperity

"Our national debt is more than just a number, it is a real problem that fuels inflation and burdens America's taxpayers. National Taxpayers Union is proud to support this commonsense legislation that'll give the Treasury more tools it needs to examine our debt and manage taxpayer dollars responsibly. We commend Congressmen Smucker and Suozzi for introducing this bipartisan, commonsense proposal to begin the process of strengthening our fiscal footing, and look forward to helping it become law." - Thomas Aiello, Senior Director of Government Affairs for National Taxpayers Union

"The federal debt is unsustainable, and we must take action now if we are to ensure important parts of our nation's safety net remain available to Americans. We thank Reps. Smucker and Suozzi for introducing a bill that combines greater transparency and accountability to help bring our debt limit under control, push back against inflation, lower interest rates for consumers, and encourage economic growth." - George Callas, Executive Vice President of Public Finance, Arnold Ventures

"The Debt Solution and Accountability Act represents a valuable contribution toward the fiscal accountability our country badly needs. Addressing our $38 trillion - and growing - national debt should be a top priority for our nation. This legislation would ensure that before Congress raises the debt limit for the country, we at least take a beat to consider our nation's dangerous fiscal trajectory and what it would take to course correct. Concord Action thanks Congressman Smucker and Congressman Suozzi for their leadership on this issue." - Carolyn Bourdeaux, Executive Director, Concord Action

"The reason we keep hitting the debt ceiling is because there is no plan in place to stabilize our nation's rapidly rising debt - and financial markets are watching. This common sense bipartisan legislation would provide critical transparency around debt ceiling deadlines, drawing attention to our unsustainable fiscal outlook, but more importantly, helping to spur action on the many available solutions to put us on a stronger path." - Brett Loper, Executive Director, Peterson Solutions Fund

"It's time for Congress to reform the debt limit-in recent years, it has led to politically charged near-defaults without producing meaningful deficit reduction. BPC Action commends Reps. Lloyd Smucker (R-PA) and Tom Suozzi (D-NY) for elevating facts and analysis in the fiscal debate and for working to move Congress in the right direction on debt-limit reform." - Michele Stockwell, president of BPC Action.

"Debt isn't dangerous just because it's large. It's dangerous when no one is required to explain it. This bill restores a basic rule of a serious republic: if you're going to borrow in the nation's name, you must show the plan, name the risks, and report the progress. Borrowing without disclosure is not stimulus-it's a transfer of risk to people who never consented. This bill doesn't dictate policy outcomes; it restores honesty about costs, obligations, and tradeoffs. We congratulate Congressmen Smucker and Suozzi on bringing this bill to life and we salute their courageous leadership on behalf of fiscal sanity." - William Glass, Policy Director, In the Black (formerly Millennial Debt Foundation)

Background:

In Fiscal Year 2025, and in every year since 2001, our nation's spending has outpaced revenue, posing a serious long-term threat to our economic sovereignty.

The national debt surpassed $38 trillion in October 2025 and is rapidly approaching $39 trillion. Interest payments on the debt alone have surpassed total spending on both defense and Medicare, and debt as a share of GDP is nearing levels not seen since World War II.

This legislation requires a report from Treasury ,including information on the state of the public debt, including:

• Historical trends, current totals, debt composition, and long-term projections.
• Drivers of future debt growth and a detailed explanation of how the United States will meet future principal and interest obligations.
• An analysis of how a higher debt limit (or breaching the debt limit) will affect federal spending, debt-service costs, and the U.S. dollar's position as the global reserve currency. • Long-term solvency projections for major entitlement programs, including Social Security, Medicare, and Medicaid.
• The President's plan to reduce debt in the short, medium, and long term.

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