1. Short title This Act may be cited as the Default Prevention Act . 2. Payment of obligations (a) In general At any time that the debt of the United States Government subject to limitation under section 3101 of title 31, United States Code, has reached the limitation imposed under such section, the Secretary of the Treasury (hereafter in this section referred to as the Secretary ) shall— (1) pay Tier I obligations as such obligations become due, (2) issue such obligations under chapter 31 of title 31, United States Code, as— (A) are necessary to make the payments described in paragraph (1), or (B) are to be held exclusively by a trust fund referred to in subsection (b)(1)(A), (3) pay Tier III obligations only to the extent that the Secretary can still pay all Tier II obligations as such obligations become due, (4) pay Tier IV obligations only to the extent that the Secretary can still pay all Tier II and Tier III obligations as such obligations become due, (5) pay Tier V obligations only to the extent that the Secretary can still pay all Tier II, Tier III, and Tier IV obligations as such obligations become due, and (6) submit to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate a weekly written report containing the information described in subsection (d). (b) Definitions For purposes of this section— (1) Tier I obligations The term Tier I obligations means payments necessary to provide any of the following: (A) Payment with legal tender pursuant to the authority provided under section 3123 of title 31, United States Code, of principal and interest on debt held by— (i) the public, (ii) the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, or (iii) the Federal Hospital Insurance Trust Fund or the Federal Supplementary Medical Insurance Trust Fund. (B) Payments under the Medicare program under title XVIII of the Social Security Act ( 42 U.S.C. 1395 et seq. ). (2) Tier II obligations The term Tier II