H.R. 187 · 118th Congress
Default Prevention Act
- Stage
- Reported from committee
- Sponsor
- Tom McClintock
- Introduced
- 2023-01-09
- Latest action
- 2024-01-09 · Reported (Amended) by the Committee on Ways and Means. H. Rept. 118-340.
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.