S.1569 - Default Prevention Act of 2013113th Congress (2013-2014)
Summary: S.1569 — 113th Congress (2013-2014)
Introduced in Senate (10/08/2013)
Default Prevention Act of 2013 - Amends the No Budget, No Pay Act of 2013 (P.L. 113-3) to suspend the public debt limit through December 31, 2014.
Revises the special rule relating to obligations issued during the suspension period to provide for an increase in the debt limit, effective January 1, 2015, to the extent that: (1) the face amount of obligations issued and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on January 1, 2015, exceeds (2) the face amount of such obligations outstanding on the date of enactment of this Act.
Prohibits an obligation from being taken into account unless its issuance was necessary to fund a commitment incurred by the federal government that required payment before January 1, 2015.