Congress 114 - HR 692 - Default Prevention Act

Sponsor

Cosponsors

Topics

Budget deficits and national debt Congressional oversight Economics and Public Finance Government employee pay, benefits, personnel management Government trust funds Interest, dividends, interest rates Members of Congress Securities Social security and elderly assistance

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Summary

(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.

Actions

Oct 22, 2015

Received in the Senate.
Oct 21, 2015

Motion to reconsider laid on the table Agreed to without objection.
Oct 21, 2015

On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557). (text: CR H7053-7054)
Oct 21, 2015

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557).(text: CR H7053-7054)
Oct 21, 2015

Considered as unfinished business. (consideration: CR H7077)
Oct 21, 2015

POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 692, the Chair put the question on adoption the bill, and by voice vote announced that the ayes had prevailed. Mr. Levin demanded the yeas and nays, and the Chair postponed further proceedings on the question of adoption until later in the legislative day.
Oct 21, 2015

The previous question was ordered pursuant to the rule. (consideration: CR H7060)
Oct 21, 2015

DEBATE - The House proceeded with one hour of debate on H.R. 692.
Oct 21, 2015

Resolution provides for consideration of both H.R. 10 and H.R. 692.
Oct 21, 2015

Considered under the provisions of rule H. Res. 480. (consideration: CR H7053-7060)
Oct 21, 2015

Rule H. Res. 480 passed House.
Oct 20, 2015

Rules Committee Resolution H. Res. 480 Reported to House. Resolution provides for consideration of both H.R. 10 and H.R. 692.
Sep 18, 2015

Placed on the Union Calendar, Calendar No. 201.
Sep 18, 2015

Reported by the Committee on Ways and Means. H. Rept. 114-265.
Sep 10, 2015

Ordered to be Reported by the Yeas and Nays: 23 - 15.
Sep 10, 2015

Committee Consideration and Mark-up Session Held.
Feb 3, 2015

Referred to the House Committee on Ways and Means.
Feb 3, 2015

Sponsor introductory remarks on measure. (CR H708)
Feb 3, 2015

Introduced in House

Amendments

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