Default Prevention Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jan 10, 2017)
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 must issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds. Obligations issued under this bill may not be used to compensate Members of Congress.
If Treasury exercises authority provided by this bill, it must submit to Congress a report that includes 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 happenedJan 10, 2017
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseJan 10, 2017
- Jan 10, 2017IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Jan 10, 2017IntroReferralIntro-H
Introduced in House
- Jan 10, 2017IntroReferral1000
Introduced in House