Default Prevention Act of 2013

Bill: 113-hr-3284
Sponsor: full_name: Rep. Levin, Sander M. [D-MI-9]
Introduced: 2013-10-10
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2013-10-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-10-10
action_desc: Introduced in House
text: <p>Default Prevention Act of 2013 - Amends the No Budget, No Pay Act of 2013 (P.L. 113-3) to suspend the public debt limit through December 31, 2014. </p> <p>Revises the special rule relating to obligations issued during the suspension period to provide for an increase in the debt limit, effective January 1, 2015, to the extent that: (1) the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on January 1, 2015, exceeds (2) the face amount of such obligations outstanding on the date of enactment of this Act. </p> <p>Prohibits an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before January 1, 2015. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3284 IN THE HOUSE OF REPRESENTATIVES October 10, 2013 Mr. Levin introduced the following bill; which was referred to the Committee on Ways and Means A BILL To ensure the complete and timely payment of the obligations of the United States Government until December 31, 2014.

1. Short title This Act may be cited as the Default Prevention Act of 2013 . 2. Ensuring timely payment Section 2 of the No Budget, No Pay Act of 2013 ( 31 U.S.C. 3101 note) is amended— (1) by striking date of the enactment of this Act each place it appears and inserting date of enactment of the Default Prevention Act of 2013 ; (2) in subsection (a), by striking May 18, 2013 and inserting December 31, 2014 ; and (3) in subsection (b), by striking May 19, 2013 each place it appears and inserting January 1, 2015 .