Default Prevention Act
- Last Action
- 1/10/2017
Actions
- 2017-01-10Referred to the House Committee on Ways and Means.
- 2017-01-10Introduced in House
- 2017-01-10Introduced in House
CRS Summary
As of 2017-01-10 (00)
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 must issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds. Obligations issued under this bill may not be used to compensate Members of Congress.
If Treasury exercises authority provided by this bill, it must submit to Congress a report that includes an accounting of: (1) the principal on mature obligations and interest that is due or accrued, and (2) obligations issued under this bill.
Cosponsors (20)
- Virginia Foxx (R-NC)
- Glenn Grothman (R-WI)
- Bill Flores (R-TX)
- Charles Fleischmann (R-TN)
- Trent Franks (R-AZ)
- Paul Gosar (R-AZ)
- Steve King (R-IA)
- DANA ROHRABACHER (R-CA)
- Mark Meadows (R-NC)
- Andy Harris (R-MD)
- Chris Stewart (R-UT)
- Scott Tipton (R-CO)
- Brad Wenstrup (R-OH)
- David Schweikert (R-AZ)
- Mark Sanford (R-SC)
- Rob Bishop (R-UT)
- Mo Brooks (R-AL)
- Keith Rothfus (R-PA)
- Tom Emmer (R-MN)
- Barry Loudermilk (R-GA)
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
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.