Debt Limit Control and Accountability Act of 2017

Debt Limit Control and Accountability Act of 2017

This bill prohibits the Department of the Treasury from using extraordinary measures either to prevent the United States from reaching the statutory debt limit or once the debt limit has been reached.

Under the bill, extraordinary measures are:

• suspending investments of the Thrift Savings Plan G Fund or the Exchange Stabilization Fund,
• suspending the issuance of new securities to the Civil Service Retirement and Disability Fund and Postal Service Retiree Health Benefits Fund,
• redeeming early securities held by the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund,
• suspending the issuance of new State and Local Government Series securities and savings bonds,
• replacing Treasury securities subject to the debt limit with debt issued by the Federal Financing Bank, or
• any other extraordinary actions taken by Treasury to avoid defaulting on the obligations of the United States.

The bill also repeals statutory provisions that established procedures for presidential modification of the debt ceiling.