Bill > HR187

This bill, the Default Prevention Act, aims to ensure the United States government can continue making payments on its debt obligations even when the debt ceiling has been reached. The key provisions are: 1. The Secretary of the Treasury must prioritize payments, first paying "Tier I obligations" which include interest and principal on public debt, and payments for Social Security, Medicare, and other trust funds. The Secretary can then pay "Tier II obligations" like Department of Defense and Veterans Affairs payments, followed by other lower-tier obligations as funds allow. 2. The Secretary must issue new debt as needed to make the required Tier I payments, which will not count against the debt ceiling. 3. The Secretary must provide weekly reports to Congress on the amounts paid for each tier of obligations. The bill aims to prevent a default on the U.S. government's debt obligations in the event the debt ceiling is reached, by prioritizing critical payments like interest, Social Security, and Medicare before other government expenditures.