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H.R. 692, Default Prevention Act (CBO Report for Congress)

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Congress 114th
Date Requested Sept. 10, 2015
Requested By House Committee on Ways and Means
Date Sent Sept. 16, 2015
Description:

H.R. 692 would allow the Department of the Treasury to issue debt to pay principal and interest on debt held by the public and debt held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, if the statutory limit on debt is reached. The bill would require the Treasury to provide a weekly report to the House Committee on Ways and Means and the Senate Committee on Finance outlining the exempted transactions until a new debt limit is enacted.

CBO estimates that enacting H.R. 692, by itself, would not affect direct spending or revenues because it would not change any of the government’s tax or spending policies. Therefore, pay-as-you-go procedures do not apply. In addition, CBO estimates that the bill would not significantly add to the Treasury’s administrative costs; any such costs would be subject to the availability of appropriated funds.

H.R. 692 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

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