1. Short title This Act may be cited as the Debt Transparency and Accountability Act . 2. Secretary of the Treasury report to Congress before reaching debt limit (a) In general Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end the following: 3131. Report before reaching debt limit (a) In general Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary of the Treasury anticipates the public debt will reach the limit specified under section 3101, as modified by section 3101A, the Secretary shall appear before the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate, to submit the information described under subsection (b). (b) Information required To be presented In an appearance described under subsection (a), the Secretary shall submit the following: (1) Debt Report A report on the state of the public debt, including— (A) the historical levels of the debt, current amount and composition of the debt, and future projections of the debt; (B) the drivers and composition of future debt; and (C) how, if the debt limit is raised, the United States will meet debt obligations, including principal and interest. (2) Statement of intent A detailed explanation of— (A) proposals of the President to reduce the public debt in the short term (the current and following three fiscal years), medium term (approximately five to nine fiscal years), and long term (approximately ten to twenty-five fiscal years), and proposals of the President to adjust the debt-to-gross domestic product ratio; (B) the impact an increased debt limit will have on future Government spending, debt service, and the position of the United States dollar as the international reserve currency; (C) projections of fiscal health and sustainability of major direct-spending entitlement programs (including Social Security, Medicare, and Medicaid)