HR 422 115th Congress House Economics and Public Finance 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

Default Prevention Act

Introduced: January 10, 2017 Introduced by: McClintock, Tom Republican · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 10, 2017

Referred to the House Committee on Ways and Means.

Jan 10, 2017

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now January 10, 2017

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1