Default Prevention Act of 2013
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Oct 10, 2013)
Default Prevention Act of 2013 - Amends the No Budget, No Pay Act of 2013 (P.L. 113-3) to suspend the public debt limit through December 31, 2014.
Revises the special rule relating to obligations issued during the suspension period to provide for an increase in the debt limit, effective January 1, 2015, to the extent that: (1) the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on January 1, 2015, exceeds (2) the face amount of such obligations outstanding on the date of enactment of this Act.
Prohibits an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before January 1, 2015.
What just happenedOct 10, 2013
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseOct 10, 2013
- Oct 10, 2013IntroReferralH11100
Referred to the House Committee on Ways and Means.
- Oct 10, 2013IntroReferralIntro-H
Introduced in House
- Oct 10, 2013IntroReferral1000
Introduced in House