US HB422 | 2017-2018 | 115th Congress

Status

Spectrum: Partisan Bill (Republican 42-0)
Status: Introduced on January 10 2017 - 25% progression
Action: 2017-01-10 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Default Prevention Act

Sponsors


History

DateChamberAction
2017-01-10HouseReferred to the House Committee on Ways and Means.
2017-01-10HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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