Default Prevention Act

United States118th CongressHR-187House of Representatives
Updated: Jan 9, 2024

Summary

Default Prevention Act This bill requires the Department of the Treasury to continue borrowing to pay the principal and interest on obligations held by the public or the Social Security trust funds if the federal debt limit is reached. The bill also (1) exempts any obligations issued under this bill from the debt limit if the obligations would otherwise cause the limit to be exceeded, and (2) prohibits the obligations from being used to compensate Members of Congress.

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Timeline

  1. Committee Consideration and Mark-up Session Held.

    House of Representatives

  2. Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 21 - 17.

    House of Representatives

  3. Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-340.

    House of Representatives

  4. Placed on the Union Calendar, Calendar No. 279.

    House of Representatives