3.0.0 100 2023-01-11T13:47:32Z 2023-01-11T13:47:32Z Senate S 2021-01-28 117 ssfi00 Finance Committee Senate Standing Referred to 2021-01-28T19:52:53Z 2021-01-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-01-28 Introduced in Senate IntroReferral 10000 9 Library of Congress P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY N Economics and Public Finance Budget deficits and national debt Congressional oversight Medicare Military personnel and dependents Social security and elderly assistance Veterans' education, employment, rehabilitation Veterans' loans, housing, homeless programs Veterans' medical care Veterans' pensions and compensation Economics and Public Finance 00 2021-01-28 Introduced in Senate 2021-02-23T16:21:01Z Default Prevention Act

This bill requires the following obligations to be granted priority over all other U.S. obligations if the public debt reaches the statutory limit:

  • principal and interest on debt held by the public;
  • compensation, allowances, and benefits for members of the Armed Forces on active duty;
  • Social Security benefits;
  • Medicare benefits; and
  • obligations under any program administered by the Department of Veterans Affairs.

If Congress is notified, the Department of the Treasury may issue additional debt in excess of the debt limit for the priority obligations. Treasury may issue the additional debt during the 30-day period beginning on the date on which the United States is unable to use revenues or extraordinary measures to fully pay the priority obligations at the time they are due.

(The term extraordinary measures refers to a series of actions that Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds.)

]]> Default Prevention Act Display Title Default Prevention Act Official Title as Introduced 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. Introduced in Senate IS Short Title(s) as Introduced Default Prevention Act Introduced in Senate IS Introduced in Senate 2021-01-28T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s100is/xml/BILLS-117s100is.xml 2021-01-28 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.