House Ways and Means Committee Debates Bill to Prevent Default Over Debt Limit
The House Ways and Means Committee held a markup on March 8 of a bill that would ensure the principal and interest of the U.S. national debt is paid.
The Default Prevention Act comes as the United States is on the brink of defaulting on its obligations.
Treasury Secretary Janet Yellen has warned that the United States could default by early June if the debt ceiling is not raised. The United States has never defaulted.
Both Democrats and Republicans have taken cuts to entitlements, including Social Security and Medicare, off the table.
The bill would also prohibit members of Congress from getting paid until the debt ceiling issue is resolved were the debt limit reached. It would also prohibit the Treasury Department from paying the president and the vice president….