End the Threat of Default Act
3/12/2024, 3:38 AMSummary of Bill S 1190
Bill 118 s 1190, also known as the End the Threat of Default Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to prevent the United States from defaulting on its financial obligations by ensuring that the government is able to pay its bills on time.The bill proposes several measures to achieve this goal. One key provision is the establishment of a special fund that would be used to prioritize payments in the event that the government is unable to meet all of its financial obligations. This fund would help to ensure that essential services, such as Social Security payments and military salaries, are not disrupted in the event of a financial crisis.
Additionally, the bill includes provisions aimed at increasing transparency and accountability in the government's financial management. This includes requirements for regular reporting on the government's financial status and measures to prevent the misuse of funds. Overall, the End the Threat of Default Act is designed to protect the United States from the potentially catastrophic consequences of defaulting on its financial obligations. By establishing safeguards and increasing transparency in the government's financial management, this bill aims to ensure that the government is able to meet its financial obligations and avoid a default situation.
Congressional Summary of S 1190
End the Threat of Default Act
This bill repeals the statutory debt limit, which limits the amount of money that the federal government may borrow.
Read the Full Bill
Current Status of Bill S 1190
Bill S 1190 is currently in the status of Bill Introduced since April 19, 2023. Bill S 1190 was introduced during Congress 118 and was introduced to the Senate on April 19, 2023. Bill S 1190's most recent activity was Read twice and referred to the Committee on Finance. as of April 19, 2023Bipartisan Support of Bill S 1190
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
36Democrat Cosponsors
36Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1190
Primary Policy Focus
Economics and Public FinancePotential Impact Areas
Budget deficits and national debtAlternate Title(s) of Bill S 1190
End the Threat of Default ActEnd the Threat of Default ActA bill to repeal the debt ceiling, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of S 1190
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