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United States · Bill · HR

H.R. 692 (114th)

Default Prevention Act

openUnited States· United States Congress· EN

Introduced

3 February 2015

Last action

—

Status

Received in the Senate.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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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 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.

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Documents

11 official files

Received in Senate (text)

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