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. GAR-
RETT, Mr. DUNCAN of Tennessee, Mr. FLEISCHMANN, Mr. OLSON, Mr. 
BRAT, Mr. YOHO, Mr. MULVANEY, Mr. PEARCE, Mrs. BLACK, Mr. DUN-
CAN 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Default Prevention 
Act’’. 
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SEC. 2. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC 
DEBT AND SOCIAL SECURITY TRUST FUNDS. 
(a) IN GENERAL.—In the event that the debt of the 
United States Government, as defined in section 3101 of 
title 31, United States Code, reaches the statutory limit, 
the Secretary of the Treasury shall, in addition to any 
other authority provided by law, issue obligations under 
chapter 31 of title 31, United States Code, to pay with 
legal tender, and solely for the purpose of paying, the prin-
cipal and interest on obligations of the United States de-
scribed in subsection (b) after the date of the enactment 
of this Act. 
(b) OBLIGATIONS DESCRIBED.—For purposes of this 
subsection, obligations described in this subsection are ob-
ligations which are— 
(1) held by the public, or 
(2) held by the Old-Age and Survivors Insur-
ance Trust Fund and Disability Insurance Trust 
Fund. 
(c) PROHIBITION ON COMPENSATION FOR MEMBERS 
OF CONGRESS.—None of the obligations issued under sub-
section (a) may be used to pay compensation for Members 
of Congress. 
(d) OBLIGATIONS EXEMPT FROM PUBLIC DEBT 
LIMIT.—Obligations issued under subsection (a) shall not 
be taken into account in applying the limitation in section 
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3101(b) of title 31, United States Code, to the extent that 
such obligation would otherwise cause the limitation in 
section 3101(b) of title 31, United States Code, to be ex-
ceeded. 
(e) REPORT ON CERTAIN ACTIONS.— 
(1) IN GENERAL.—If, after the date of the en-
actment of this Act, the Secretary of the Treasury 
exercises his authority under subsection (a), the Sec-
retary shall thereafter submit a report each week the 
authority is in use providing an accounting relating 
to— 
(A) the principal on mature obligations 
and interest that is due or accrued of the 
United States, and 
(B) any obligations issued pursuant to 
subsection (a). 
(2) SUBMISSION.—The report required by para-
graph (1) shall be submitted to the Committee on 
Ways and Means of the House of Representatives 
and the Committee on Finance of the Senate. 
Æ 
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