H.R.692 - Default Prevention Act114th Congress (2015-2016)
|Sponsor:||Rep. McClintock, Tom [R-CA-4] (Introduced 02/03/2015)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 114-265|
|Latest Action:||Senate - 10/22/2015 Received in the Senate. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.692 — 114th Congress (2015-2016)All Information (Except Text)
Passed House without amendment (10/21/2015)
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Default Prevention Act
(Sec. 2) 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 bill to compensate Members of Congress.
If Treasury exercises authority provided by this bill, 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 bill.