Search Results: keywords:"default prevention act"

  • H. R. 182 — To ensure the payment of interest and principal of the debt of the United States.
    Status:Introduced in House
    Words:1,060

    The H.R. 182, known as the "Default Prevention Act", is a bill introduced in the 119th Congress to ensure the United States continues to pay its debt obligations. It organizes the payment of obligations into five tiers, with Tier I covering essential payments like public debt...

    Simple Explanation

    The Default Prevention Act is like a special plan to make sure the U.S. pays its important bills in order, with super important ones like paying back borrowed money and health care bills going first, even if it runs out of its borrowing limit.

  • H. R. 187 — To ensure the payment of interest and principal of the debt of the United States.
    Status:Reported in House
    Words:1,256

    H.R. 187, also known as the "Default Prevention Act," is a proposed law aimed at ensuring that the United States can pay its debt when it hits the debt limit. The bill sets up a system where the Secretary of the Treasury must prioritize and manage payments in different tiers,...

    Simple Explanation

    Imagine the United States has a giant piggy bank to pay for important things like medicine, soldiers, and keeping America safe. The Default Prevention Act wants to make sure that even if the piggy bank runs low, the most important things get paid first and everyone knows how the money is spent by sending reports every week.