To ensure the payment of interest and principal of the debt of the United States.
Default Prevention Act
This bill requires the Department of the Treasury to continue borrowing to pay the principal and interest on obligations held by the public or the Social Security trust funds if the federal debt limit is reached.
The bill also (1) exempts any obligations issued under this bill from the debt limit if the obligations would otherwise cause the limit to be exceeded, and (2) prohibits the obligations from being used to compensate Members of Congress.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 21 - 17.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-340.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-340.
Placed on the Union Calendar, Calendar No. 279.
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