HR 187
Default Prevention Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Default Prevention Act addresses potential debt crises by allowing the Treasury Secretary to issue new obligations to pay the principal and interest on U.S. debt, including those held by the Social Security trust funds, if the debt limit is reached. These new obligations would be exempt from the debt limit and cannot be used to compensate members of Congress. The bill also requires the Treasury Secretary to provide weekly reports detailing the use of these new obligations. This measure aims to ensure continued payments on U.S. debt obligations even if the debt limit is reached.
Sponsors
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Primary sponsor
Cosponsors
Debbie Lesko
Jeff Duncan
Matt Gaetz
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