S 623 · 116th Congress 2019–2021, ended

Default Prevention Act

Fact sheet

Latest action · Feb 28, 2019 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 28, 2019
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Default Prevention Act

This bill requires the following obligations to be granted priority over all other U.S. obligations if the public debt reaches the statutory limit

  • principal and interest on debt held by the public;
  • compensation, allowances, and benefits for members of the Armed Forces on active duty;
  • Social Security benefits;
  • Medicare benefits; and
  • obligations under any program administered by the Department of Veterans Affairs.

If Congress is notified, the Department of the Treasury may issue additional debt for the priority obligations in excess of the debt limit. Treasury may issue the additional debt during the 30-day period beginning on the date on which the United States is unable to use revenues or extraordinary measures to fully pay the priority obligations at the time they are due.

(The term "extraordinary measures" refers to a series of actions that Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds.)

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Actions 2

Everything that happened, newest first.

  1. Feb 28, 2019Introduced in Senate
  2. Feb 28, 2019Read twice and referred to the Committee on Finance.

Subjects

Assigned by the Library of Congress. Policy area: Economics and Public Finance.

Text 1

Each version as it was printed, newest first.

  1. Feb 28, 2019Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.