PSI Sci
New here? Follow the money and the votes · Not sure of your district? Find your U.S. House member · Find your state legislators

H.R. 692: Default Prevention Act

Before you vote › Federal bills

H.R. 692: Default Prevention Act

114th Congress · introduced 2015-02-03 · Economics and Public Finance · Latest: Received in the Senate.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-02-03 · official record
  2. Who proposed it: Rep. McClintock, Tom [R-CA-4] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 557 (2015): On Passage, HR692 (2015-10-21), Passed. See all
  4. Where it stands now: Received in the Senate. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Default Prevention Act

Plain summary

(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.

Congressional Research Service summary (Passed House without amendment), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Default Prevention Act

Source: Congressional Research Service summary (Passed House without amendment)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. McClintock, Tom [R-CA-4] · 112 cosponsors

Cost estimate: CBO cost estimate: H.R. 692, Default Prevention Act (2015-09-16)

Cosponsors on this site

Charles J. "Chuck" Fleischmann (R-TN), Marsha Blackburn (R-TN), Kevin Cramer (R-ND), Bruce Westerman (R-AR), Joe Wilson (R-SC), Austin Scott (R-GA), Robert J. Wittman (R-VA), Andy Barr (R-KY), Barry Loudermilk (R-GA), David Rouzer (R-NC), Tom Emmer (R-MN), Ryan K. Zinke (R-MT), Jim Jordan (R-OH), Tom Cole (R-OK), Richard Hudson (R-NC), Cynthia M. Lummis (R-WY), Virginia Foxx (R-NC) and 52 more.

Sponsor's campaign money: Rep. McClintock, Tom [R-CA-4] reported raising $1.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

Words on this page, explained (4)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Obligation
A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities
Financial investments that can be bought and sold, such as stocks and bonds.
Statute
A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr692 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114