A bill to prohibit the provision of Federal funds to State and local governments and school districts for payment of obligations, to prohibit the Federal Reserve banks, the Department of the Treasury, and other Federal agencies from financially assisting State and local governments and school districts that have defaulted on their obligations, and for other purposes.

This bill would stop the federal government from giving money to state governments, local governments, and school districts to help them pay their debts, and would also prevent the Federal Reserve, the Treasury Department, and other federal agencies from providing financial help to those governments and school districts if they fail to pay back what they owe. No official summary is available for this bill.

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