H.R. 692House114th Congress (2015-2017)Passed House

Default Prevention Act

Legislative Activity

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18 earlier actions

SenateIntro Referral Latest Action

Received in the Senate.

October 22, 2015

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HouseIntro Referral

Introduced in House

February 3, 2015

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H708)

February 3, 2015

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

February 3, 2015

HouseCommittee

Committee Consideration and Mark-up Session Held.

Ways and Means Committee

September 10, 2015

HouseCommittee

Ordered to be Reported by the Yeas and Nays: 23 - 15.

Ways and Means Committee

September 10, 2015

HouseCommittee

Reported by the Committee on Ways and Means. H. Rept. 114-265.

Ways and Means Committee

September 18, 2015

HouseCalendars

Placed on the Union Calendar, Calendar No. 201.

September 18, 2015

HouseFloor

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

October 20, 2015 • 7:29 PM

HouseFloor

Rule H. Res. 480 passed House.

October 21, 2015 • 2:31 PM

HouseFloor

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

October 21, 2015 • 2:47 PM

HouseFloor

Resolution provides for consideration of both H.R. 10 and H.R. 692.

October 21, 2015 • 2:47 PM

HouseFloor

DEBATE - The House proceeded with one hour of debate on H.R. 692.

October 21, 2015 • 2:48 PM

HouseFloor

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

October 21, 2015 • 3:49 PM

HouseFloor

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.

October 21, 2015 • 3:49 PM

HouseFloor

Considered as unfinished business. (consideration: CR H7077)

October 21, 2015 • 5:22 PM

HouseFloor

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

View vote Passed

October 21, 2015 • 5:52 PM

HouseFloor

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

View vote Passed

October 21, 2015 • 5:52 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

October 21, 2015 • 5:52 PM

SenateIntro Referral

Received in the Senate.

October 22, 2015

Voting History

1 vote recorded • Roll call available

HOUSE

Roll Call Available

October 21, 2015 at 5:51 PM

On Passage

Majority required: 1/2 (50%)

Passed

235 - 194

Bill Text

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Received in SenateIssued October 22, 2015

114th CONGRESS

1st Session

H. R. 692

IN THE SENATE OF THE UNITED STATES

October 22, 2015

Received

AN ACT

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

Short title

This Act may be cited as the Default Prevention Act.

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.

Passed the House of Representatives October 21, 2015.

Karen L. Haas,

Clerk