HR 692 · 114th Congress · Economics and Public Finance
Default Prevention Act
Bill Progress
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Introduced✓
Committee✓
House Vote4
Senate5
EnactedLatest: Received in the Senate.(2015-10-22)
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Plain Language Summary
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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.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 692, Default Prevention Act
Sep 16, 2015As ordered reported by the House Committee on Ways and Means on September 10, 2015
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office
Cosponsors (20)
20 Republicans