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House Bill 422
115th Congress(2017-2018)
Default Prevention Act
Introduced
Introduced
Introduced in House on Jan 10, 2017
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Introduced in House 
Jan 10, 2017
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Introduced in House(Jan 10, 2017)
Jan 10, 2017
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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H. R. 422 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 422


To ensure the payment of interest and principal of the debt of the United States.

IN THE HOUSE OF REPRESENTATIVES

January 10, 2017

Mr. McClintock (for himself, Ms. Foxx, Mr. Grothman, Mr. Flores, Mr. Fleischmann, Mr. Franks of Arizona, Mr. Gosar, Mr. King of Iowa, Mr. Rohrabacher, Mr. Meadows, Mr. Harris, Mr. Stewart, Mr. Tipton, Mr. Wenstrup, Mr. Schweikert, Mr. Sanford, Mr. Bishop of Utah, Mr. Brooks of Alabama, Mr. Rothfus, Mr. Emmer, Mr. Loudermilk, Mr. Westerman, Mr. Chabot, Mr. DeSantis, Mr. Johnson of Ohio, Mr. Hensarling, Mr. Rokita, Mr. Chaffetz, Mr. Woodall, Mr. Renacci, Mr. DesJarlais, and Mr. Mooney of West Virginia) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To ensure the payment of interest and principal of the debt of the United States.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Default Prevention Act”.

SEC. 2. Payment of principal and interest on public debt and social security trust funds.

(a) In general.—In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the Secretary of the Treasury shall, in addition to any other authority provided by law, issue obligations under chapter 31 of title 31, United States Code, to pay with legal tender, and solely for the purpose of paying, the principal and interest on obligations of the United States described in subsection (b) after the date of the enactment of this Act.

(b) Obligations described.—For purposes of this subsection, obligations described in this subsection are obligations which are—

(1) held by the public, or

(2) held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund.

(c) Prohibition on compensation for Members of Congress.—None of the obligations issued under subsection (a) may be used to pay compensation for Members of Congress.

(d) Obligations exempt from public debt limit.—Obligations issued under subsection (a) shall not be taken into account in applying the limitation in section 3101(b) of title 31, United States Code, to the extent that such obligation would otherwise cause the limitation in section 3101(b) of title 31, United States Code, to be exceeded.

(e) Report on certain actions.—

(1) IN GENERAL.—If, after the date of the enactment of this Act, the Secretary of the Treasury exercises his authority under subsection (a), the Secretary shall thereafter submit a report each week the authority is in use providing an accounting relating to—

(A) the principal on mature obligations and interest that is due or accrued of the United States, and

(B) any obligations issued pursuant to subsection (a).

(2) SUBMISSION.—The report required by paragraph (1) shall be submitted to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate.