United States 114th Congress Status: Died 1 R cosponsors

HR 692 — Default Prevention Act

Last action — Received in the Senate.

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  1. ✓
    Introduced
  2. Died in session

This bill died with 114th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Default Prevention Act (Sec. 2) This bill requires the Department of the Treasury to continue to borrow to pay the principal and interest on certain obligations if the debt of the United States exceeds the statutory limit. If the debt limit is exceeded, Treasury is required to issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds. The bill prohibits Treasury from using obligations issued under this bill to compensate Members of Congress. If Treasury exercises authority provided by this bill, a report must be submitted to Congress including an accounting of: (1) the principal on mature obligations and interest that is due or accrued, and (2) obligations issued under this bill.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 692 on the official United States source →

Action History

  1. Received in the Senate.

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

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

  4. Considered as unfinished business. (consideration: CR H7077)

  5. 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.

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

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

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

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

  10. Rule H. Res. 480 passed House.

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

  12. Placed on the Union Calendar, Calendar No. 201.

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

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

  15. Committee Consideration and Mark-up Session Held.

  16. Referred to the House Committee on Ways and Means.

  17. Sponsor introductory remarks on measure. (CR H708)

  18. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 692 do?
Default Prevention Act (Sec. 2) This bill requires the Department of the Treasury to continue to borrow to pay the principal and interest on certain obligations if the debt of the United States exceeds the statutory limit. If the debt limit is exceeded, Treasury is required to issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds. The bill prohibits Treasury from using obligations issued under this bill to compensate Members of Congress. If Treasury exercises authority provided by this bill, a report must be submitted to Congress including an accounting of: (1) the principal on mature obligations and interest that is due or accrued, and (2) obligations issued under this bill.
Who sponsors HR 692?
HR 692 is sponsored by Tom McClintock (R).
What is the current status of HR 692?
This bill died with 114th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 692?
Track HR 692 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes about 9 hours ago · updated continuously

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