No Default Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 2168 Introduced in Senate (IS)] <DOC> 118th CONGRESS 1st Session S. 2168 To rescind discretionary appropriations in the event of a debt ceiling crisis period and to honor the full faith and credit of the debts of the United States in the event of a debt ceiling crisis. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 22, 2023 Mr. Braun introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To rescind discretionary appropriations in the event of a debt ceiling crisis period and to honor the full faith and credit of the debts of the United States in the event of a debt ceiling crisis. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``No Default Act''. SEC. 2. RESCISSION OF DISCRETIONARY SPENDING AND HONORING DEBTS DURING A DEBT CEILING CRISIS. (a) Definitions.--In this section: (1) Current fiscal year.…