Default Prevention Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 182 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 182 To ensure the payment of interest and principal of the debt of the United States. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 3, 2025 Mr. McClintock introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To ensure the payment of interest and principal of the debt of the United States. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Default Prevention Act''. SEC. 2. PAYMENT OF OBLIGATIONS. (a) In General.--At any time that the debt of the United States Government subject to limitation under section 3101 of title 31, United States Code, has reached the limitation imposed under such section, the Secretary of the Treasury (hereafter in this section referred to as ``the Secretary'') shall-- (1) pay Tier I obligations as such obligations become due, (2) issue such obligations under chapter 31 of title 31, United States Code, as-- (A) are necessary to make the payments described in paragraph (1), or (B) are to be held exclusively by a trust fund referred to in subsection (b)(1)(A), (3) pay Tier III obligations only to the extent that the Secretary can still pay all Tier II obligations as such obligations become due, (4) pay Tier IV obligations only to the extent that the Secretary can still pay all Tier II and Tier III obligations as such obligations become due, (5) pay Tier V obligations only to the extent that the Secretary can still pay all Tier II, Tier III, and Tier IV obligations as such obligations become due, and (6) submit to the Committee on Ways and Means of the House of Representatives and the Committee on Financ