Baucus disclosure amendment advances

By a vote of 58-41, senators agreed to an amendment by Finance Chairman Max Baucus (D-Mont.) that requires fuller disclosure of foreign governments that hold U.S. debt. 

The amendment was added to legislation extending several tax and spending measures. 

The impetus behind the proposal is to better assess any potential risk with countries holding U.S. debt. 

The Treasury Department would submit its threat assessment on the potential risks to Congress no later than March 31 of each year. 

By this same date, the Comptroller General would also be required to submit its assessment on how the federal debt might affect the United States.



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