Default Prevention Act

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 January 2017

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• Introduced in House (PDF)

  Introduced in House · EN · 10 January 2017

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 January 2017

  Open at official source

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