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Bill114th CongressFiled Feb 3, 2015Economics and Public Finance
H.R. 692

Default Prevention Act

Bill journey · stage 2 of 5

Under committee review

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Law

What it doesSummary passed house without amendment (Oct 21, 2015)

(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.

What just happenedOct 22, 2015

Received in the Senate.

Who’s behind it

Rep. McClintock, Tom [R-CA-4](R-CA)Sponsor
112 cosponsors112 R
Read on Congress.gov
112cosponsors1committees21actions3related bills8subjects
  1. Oct 22, 2015IntroReferral

    Received in the Senate.

  2. Oct 21, 2015FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Oct 21, 2015FloorH37100

    On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557). (text: CR H7053-7054)

  4. Oct 21, 2015Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557).(text: CR H7053-7054)

  5. Oct 21, 2015FloorH30000

    Considered as unfinished business. (consideration: CR H7077)

  6. Oct 21, 2015FloorH8D000

    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.

  7. Oct 21, 2015FloorH35000

    The previous question was ordered pursuant to the rule. (consideration: CR H7060)

  8. Oct 21, 2015FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 692.

  9. Oct 21, 2015FloorH8D000

    Resolution provides for consideration of both H.R. 10 and H.R. 692.

  10. Oct 21, 2015FloorH30000

    Considered under the provisions of rule H. Res. 480. (consideration: CR H7053-7060)

  11. Oct 21, 2015FloorH1L220

    Rule H. Res. 480 passed House.

  12. Oct 20, 2015FloorH1L210

    Rules Committee Resolution H. Res. 480 Reported to House. Resolution provides for consideration of both H.R. 10 and H.R. 692.

  13. Sep 18, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 201.

  14. Sep 18, 2015CommitteeH12200

    Reported by the Committee on Ways and Means. H. Rept. 114-265.

    Ways and Means Committee
  15. Sep 18, 2015Committee5000

    Reported by the Committee on Ways and Means. H. Rept. 114-265.

    Ways and Means Committee
  16. Sep 10, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 23 - 15.

    Ways and Means Committee
  17. Sep 10, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Ways and Means Committee
  18. Feb 3, 2015IntroReferralH11100

    Referred to the House Committee on Ways and Means.

    Ways and Means Committee
  19. Feb 3, 2015IntroReferralB00100

    Sponsor introductory remarks on measure. (CR H708)

  20. Feb 3, 2015IntroReferralIntro-H

    Introduced in House

  21. Feb 3, 2015IntroReferral1000

    Introduced in House

Passed House without amendmentOct 21, 201581

(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.

Reported to House without amendmentSep 18, 201579

(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.

Introduced in HouseFeb 3, 2015

Default Prevention Act

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 Act to compensate Members of Congress.

If Treasury exercises authority provided by this Act, 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 Act.

Default Prevention Act — Informed