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Union Calendar No. 201 

114TH CONGRESS 

1ST SESSION H. R. 692 

[Report No. 114–265] 

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 

SEPTEMBER 18, 2015 

Additional sponsors: Mr. FORBES, Mr. JOHNSON of Ohio, Mr. BUCK, Mr. TIPTON, Mr. EMMER of Minnesota, Mr. ZINKE, Mr. YOUNG of Iowa, Mrs. 

HARTZLER, Mr. MESSER, Mr. JORDAN, Mr. COLE, Mr. HUDSON, Mrs. 

LUMMIS, Mr. MEADOWS, Ms. FOXX, Mr. SANFORD, Mr. TOM PRICE of 

Georgia, Mr. ROKITA, Mr. SCHWEIKERT, Mr. GRAVES of Georgia, Mr. 

ROHRABACHER, Mr. SESSIONS, Mr. BISHOP of Utah, Mr. WENSTRUP, 

Mr. HARRIS, Mr. BARTON, Mr. CONAWAY, Mr. STUTZMAN, Mr. MILLER

of Florida, Mr. GOWDY, Mr. CHAFFETZ, Mr. DUFFY, Mr. PITTS, Mr. 

KLINE, Mr. BABIN, Mr. POSEY, Mr. RIBBLE, Mr. POMPEO, Mr. MULLIN, 

Mr. BENISHEK, Mr. THORNBERRY, Mr. LUCAS, Mr. SCALISE, Mr. MOONEY of West Virginia, Mrs. WAGNER, Mr. COLLINS of Georgia, Mr. 

GOSAR, Mr. ROSKAM, Mr. KELLY of Pennsylvania, Mr. LATTA, Mr. 

NEUGEBAUER, Mr. LUETKEMEYER, Mr. WALBERG, Mr. MCKINLEY, Mr. 


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•HR 692 RH

HULTGREN, Mr. DESJARLAIS, Mr. LABRADOR, Mr. CLAWSON of Florida, 

Mr. GROTHMAN, Mr. WALKER, Mrs. ROBY, Mr. LONG, Mr. COLLINS of 

New York, Mr. SAM JOHNSON of Texas, Mr. GUTHRIE, Ms. JENKINS of 

Kansas, Mr. PALMER, Mr. BISHOP of Michigan, and Mr. GOODLATTE

SEPTEMBER 18, 2015 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 

A BILL 

To ensure the payment of interest and principal of the debt 

of the United States. 


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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’’. 

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

7 DEBT AND SOCIAL SECURITY TRUST FUNDS. 

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

9 United States Government, as defined in section 3101 of 

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

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

12 other authority provided by law, issue obligations under 

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

14 legal tender, and solely for the purpose of paying, the prin15 cipal and interest on obligations of the United States de16 scribed in subsection (b) after the date of the enactment 

17 of this Act. 

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

19 subsection, obligations described in this subsection are ob20 ligations which are— 

21 (1) held by the public, or 

22 (2) held by the Old-Age and Survivors Insur23 ance Trust Fund and Disability Insurance Trust 

24 Fund. 


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1 (c) PROHIBITION ON COMPENSATION FOR MEMBERS

2 OF CONGRESS.—None of the obligations issued under sub3 section (a) may be used to pay compensation for Members 

4 of Congress. 

5 (d) OBLIGATIONS EXEMPT FROM PUBLIC DEBT

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

7 be taken into account in applying the limitation in section 

8 3101(b) of title 31, United States Code, to the extent that 

9 such obligation would otherwise cause the limitation in 

10 section 3101(b) of title 31, United States Code, to be ex11 ceeded. 

12 (e) REPORT ON CERTAIN ACTIONS.— 

13 (1) IN GENERAL.—If, after the date of the en14 actment of this Act, the Secretary of the Treasury 

15 exercises his authority under subsection (a), the Sec16 retary shall thereafter submit a report each week the 

17 authority is in use providing an accounting relating 

18 to— 

19 (A) the principal on mature obligations 

20 and interest that is due or accrued of the 

21 United States, and 

22 (B) any obligations issued pursuant to 

23 subsection (a). 

24 (2) SUBMISSION.—The report required by para25 graph (1) shall be submitted to the Committee on 


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1 Ways and Means of the House of Representatives 

2 and the Committee on Finance of the Senate. 


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Union Calendar No. 201 

114TH CONGRESS 

1ST SESSION H. R. 692 

[Report No. 114–265] 

A BILL 

To ensure the payment of interest and principal of 

the debt of the United States. 

SEPTEMBER 18, 2015 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


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