To ensure the payment of interest and principal of the debt of the United States.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Default Prevention Act
(Sec. 2) This bill requires the Department of the Treasury to continue to borrow to pay the principal and interest on certain obligations if the debt of the United States exceeds the statutory limit.
If the debt limit is exceeded, Treasury is required to issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds. The bill prohibits Treasury from using obligations issued under this bill to compensate Members of Congress.
If Treasury exercises authority provided by this bill, a report must be submitted to Congress including an accounting of: (1) the principal on mature obligations and interest that is due or accrued, and (2) obligations issued under this bill.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 273.
Motion to reconsider laid on the table Agreed to without objection.
Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Sponsor introductory remarks on measure. (CR H708)
Referred to the House Committee on Ways and Means.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 23 - 15.
Reported by the Committee on Ways and Means. H. Rept. 114-265.
Reported by the Committee on Ways and Means. H. Rept. 114-265.
Placed on the Union Calendar, Calendar No. 201.
Rules Committee Resolution H. Res. 480 Reported to House. Resolution provides for consideration of both H.R. 10 and H.R. 692.
Rule H. Res. 480 passed House.
Considered under the provisions of rule H. Res. 480. (consideration: CR H7053-7060)
Resolution provides for consideration of both H.R. 10 and H.R. 692.
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DEBATE - The House proceeded with one hour of debate on H.R. 692.
The previous question was ordered pursuant to the rule. (consideration: CR H7060)
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 692, the Chair put the question on adoption the bill, and by voice vote announced that the ayes had prevailed. Mr. Levin demanded the yeas and nays, and the Chair postponed further proceedings on the question of adoption until later in the legislative day.
Considered as unfinished business. (consideration: CR H7077)
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557).(text: CR H7053-7054)
Roll Call #557 (House)On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557). (text: CR H7053-7054)
Roll Call #557 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.