Default Prevention Act

Bill: 114-hr-692
Sponsor: Rep. McClintock, Tom [R-CA-4]
Introduced: 2015-02-03 in the House
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Congressional oversight
Government employee pay, benefits, personnel management
Government trust funds
Interest, dividends, interest rates
Members of Congress
Securities
Social security and elderly assistance

Summary:
action_date: 2015-02-03
text: 

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. 

action_date: 2015-09-18
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Default Prevention Act 

 
(Sec. 2) 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 bill to compensate Members of Congress. 
 
If Treasury exercises authority provided by this bill, 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 bill. 

action_date: 2015-10-21
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Default Prevention Act 

 
(Sec. 2) 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 bill to compensate Members of Congress. 
 
If Treasury exercises authority provided by this bill, 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 bill. 


Legislative actions:
action_date: 2015-10-22
text: Received in the Senate.
action_date: 2015-10-21
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-10-21
text: On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557). (text: CR H7053-7054)
action_date: 2015-10-21
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557).(text: CR H7053-7054)
action_date: 2015-10-21
text: Considered as unfinished business. (consideration: CR H7077)
action_date: 2015-10-21
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 692, the Chair put the question on adoption the bill, and by voice vote announced that the ayes had prevailed. Mr. Levin demanded the yeas and nays, and the Chair postponed further proceedings on the question of adoption until later in the legislative day.
action_date: 2015-10-21
text: The previous question was ordered pursuant to the rule. (consideration: CR H7060)
action_date: 2015-10-21
text: DEBATE - The House proceeded with one hour of debate on H.R. 692.
action_date: 2015-10-21
text: Resolution provides for consideration of both H.R. 10 and H.R. 692.
action_date: 2015-10-21
text: Considered under the provisions of rule H. Res. 480. (consideration: CR H7053-7060)
action_date: 2015-10-21
text: Rule H. Res. 480 passed House.
action_date: 2015-10-20
text: Rules Committee Resolution H. Res. 480 Reported to House. Resolution provides for consideration of both H.R. 10 and H.R. 692.
action_date: 2015-09-18
text: Placed on the Union Calendar, Calendar No. 201.
action_date: 2015-09-18
text: Reported by the Committee on Ways and Means. H. Rept. 114-265.
action_date: 2015-09-18
text: Reported by the Committee on Ways and Means. H. Rept. 114-265.
action_date: 2015-09-10
text: Ordered to be Reported by the Yeas and Nays: 23 - 15.
action_date: 2015-09-10
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-02-03
text: Referred to the House Committee on Ways and Means.
action_date: 2015-02-03
text: Sponsor introductory remarks on measure. (CR  H708)
action_date: 2015-02-03
text: Introduced in House
action_date: 2015-02-03
text: Introduced in House