Default Prevention Act of 2013

Bill: 113-s-1569
Sponsor: full_name: Sen. Reid, Harry [D-NV]
Introduced: 2013-10-08
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2013-10-16
text: Motion to proceed to consideration of measure made in Senate. (consideration: CR S7503-7531)

Summaries:
action_date: 2013-10-08
action_desc: Introduced in Senate
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: II Calendar No. 211 113th CONGRESS 1st Session S. 1569 IN THE SENATE OF THE UNITED STATES October 8, 2013 Mr. Reid (for himself and Mr. Baucus ) introduced the following bill; which was read the first time October 9, 2013 Read the second time and placed on the calendar 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 .

October 9, 2013 Read the second time and placed on the calendar