HR 3284 113th Congress House Economics and Public Finance Budget deficits and national debt

Default Prevention Act of 2013

Introduced: October 10, 2013 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Oct 10, 2013

Referred to the House Committee on Ways and Means.

Oct 10, 2013

Introduced in House

Plain-English summary Congressional Research Service

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.

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.

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.

What's happening now October 10, 2013

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1