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This bill would require the Dept. of the Treasury to continue borrowing after the debt limit has been reached. This ensures that the country can make good on its obligations related to mandatory spending and debt service. Essentially, this bill would make these types of debt exempt from the debt limit.

The Treasury would be required to issue debt obligations to allow the federal government to make payments on the principal and interest on the portion of the national debt held by the public or the Social Security Trust Funds. These obligations could not be used for paychecks for members of Congress.

If the Treasury uses the authority granted it by the legislation, it must report to Congress with accounting details on:

The principal on mature obligations and interest that is due or accrued;
Obligations issued under this bill.

","official_title":"To ensure the payment of interest and principal of the debt of the United States.","short_title":"Default Prevention Act","popular_title":null,"short_summary":"Default Prevention Act \n\nThis 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.\n\n If the debt limit is exceeded, Treasury must issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds. 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If the Debt Limit is Reached, Should the Treasury Keep Borrowing to Pay for Social Security?