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H.R. 692, Default Prevention Act 1 (September 16, 2015)

handle is hein.congrec/cbo2511 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 16, 2015 H.R. 692 Default Prevention Act As ordered reported by the House Committee on Ways andMeans on September 10, 2015 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. The CBO staff contact for this estimate is Meredith Decker. This estimate was approved by Theresa Gullo, Assistant Director for Budget Analysis.

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