H.R.1497: To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.

This bill requires the Department of the Treasury to notify Congress when the debt of the U.S. government has reached the statutory limit and if Treasury has begun using reduction measures to avoid default. Treasury must also specify which reduction measures are currently being used. Reduction measures include the issuance of debt by the Federal Financing Bank to exchange debt that is subject to the limit; suspending investments in the...

(Source: Library of Congress)