summary
Introduced
01/28/2021
01/28/2021
In Committee
01/28/2021
01/28/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To provide guidance and priorities for Federal Government obligations in the event that the debt limit is reached and to provide a limited and temporary authority to exceed the debt limit for priority obligations.
AI Summary
This bill, known as the Default Prevention Act, provides guidance and priorities for federal government obligations in the event that the debt limit is reached. It outlines specific expenditures that shall be granted priority over all other obligations, including paying the principal and interest on public debt, full payment of compensation and benefits for active-duty military personnel, Social Security benefits, Medicare payments, and obligations under Department of Veterans Affairs programs. The bill also grants the Secretary of the Treasury limited and temporary authority to issue additional debt in excess of the statutory limit to make timely payments on these priority obligations, subject to certain conditions and notice to Congress.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 01/28/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/100/all-info |
| BillText | https://www.congress.gov/117/bills/s100/BILLS-117s100is.pdf |
| Bill | https://www.congress.gov/117/bills/s100/BILLS-117s100is.pdf.pdf |
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