PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 81 · Passed House without amendment · Oct 21, 2015
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
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.
People & committees
Rep. McClintock, Tom [R-CA-4] · R–CA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Received in the Senate.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557). (text: CR H7053-7054)
House roll call 557 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 194 (Roll no. 557).(text: CR H7053-7054)
House roll call 557 · Individual votesConsidered as unfinished business. (consideration: CR H7077)
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.
The previous question was ordered pursuant to the rule. (consideration: CR H7060)
DEBATE - The House proceeded with one hour of debate on H.R. 692.
Resolution provides for consideration of both H.R. 10 and H.R. 692.
Considered under the provisions of rule H. Res. 480. (consideration: CR H7053-7060)
Rule H. Res. 480 passed House.
Rules Committee Resolution H. Res. 480 Reported to House. Resolution provides for consideration of both H.R. 10 and H.R. 692.
Placed on the Union Calendar, Calendar No. 201.
Reported by the Committee on Ways and Means. H. Rept. 114-265.
Reported by the Committee on Ways and Means. H. Rept. 114-265.
Ordered to be Reported by the Yeas and Nays: 23 - 15.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR H708)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.692 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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