I 

114TH CONGRESS 

1ST SESSION H. R. 692 

To ensure the payment of interest and principal of the debt of the United 

States. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 3, 2015 

Mr. MCCLINTOCK (for himself, Mr. POE of Texas, Mr. PITTENGER, Mr. GARRETT, Mr. DUNCAN of Tennessee, Mr. FLEISCHMANN, Mr. OLSON, Mr. 

BRAT, Mr. YOHO, Mr. MULVANEY, Mr. PEARCE, Mrs. BLACK, Mr. DUNCAN of South Carolina, Mrs. BLACKBURN, Mr. DESANTIS, Mr. ROE of 

Tennessee, Mr. CHABOT, Mr. ROTHFUS, Mr. BRADY of Texas, Mr. 

CRAMER, Mr. HENSARLING, Mr. LAMBORN, Mr. GIBBS, Mr. 

WESTERMAN, Mrs. ELLMERS, Mr. BLUM, Mr. WOODALL, Mr. LAMALFA, 

Mr. WILSON of South Carolina, Mr. FLEMING, Mr. BROOKS of Alabama, 

Mr. AUSTIN SCOTT of Georgia, Mr. FRANKS of Arizona, Mr. WITTMAN, 

Mr. BARR, Mr. LOUDERMILK, Mr. ROUZER, Mr. STEWART, Mr. FLORES, 

Mr. YODER, Mr. RICE of South Carolina, Mr. NUNNELEE, Mr. KING of 

Iowa, and Mr. SALMON) introduced the following bill; which was referred 

to the Committee on Ways and Means 

A BILL 

To ensure the payment of interest and principal of the debt 

of the United States. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Default Prevention 

5 Act’’. 


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1 SEC. 2. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC 

2 DEBT AND SOCIAL SECURITY TRUST FUNDS. 

3 (a) IN GENERAL.—In the event that the debt of the 

4 United States Government, as defined in section 3101 of 

5 title 31, United States Code, reaches the statutory limit, 

6 the Secretary of the Treasury shall, in addition to any 

7 other authority provided by law, issue obligations under 

8 chapter 31 of title 31, United States Code, to pay with 

9 legal tender, and solely for the purpose of paying, the prin10 cipal and interest on obligations of the United States de11 scribed in subsection (b) after the date of the enactment 

12 of this Act. 

13 (b) OBLIGATIONS DESCRIBED.—For purposes of this 

14 subsection, obligations described in this subsection are ob15 ligations which are— 

16 (1) held by the public, or 

17 (2) held by the Old-Age and Survivors Insur18 ance Trust Fund and Disability Insurance Trust 

19 Fund. 

20 (c) PROHIBITION ON COMPENSATION FOR MEMBERS

21 OF CONGRESS.—None of the obligations issued under sub22 section (a) may be used to pay compensation for Members 

23 of Congress. 

24 (d) OBLIGATIONS EXEMPT FROM PUBLIC DEBT

25 LIMIT.—Obligations issued under subsection (a) shall not 

26 be taken into account in applying the limitation in section 


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1 3101(b) of title 31, United States Code, to the extent that 

2 such obligation would otherwise cause the limitation in 

3 section 3101(b) of title 31, United States Code, to be ex4 ceeded. 

5 (e) REPORT ON CERTAIN ACTIONS.— 

6 (1) IN GENERAL.—If, after the date of the en7 actment of this Act, the Secretary of the Treasury 

8 exercises his authority under subsection (a), the Sec9 retary shall thereafter submit a report each week the 

10 authority is in use providing an accounting relating 

11 to— 

12 (A) the principal on mature obligations 

13 and interest that is due or accrued of the 

14 United States, and 

15 (B) any obligations issued pursuant to 

16 subsection (a). 

17 (2) SUBMISSION.—The report required by para18 graph (1) shall be submitted to the Committee on 

19 Ways and Means of the House of Representatives 

20 and the Committee on Finance of the Senate. 

Æ 


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