To require that the Government give priority to payment of all obligations on the debt held by the public, payment of Social Security benefits, and military funding in the event that the debt limit is reached.

Summary

Declares that, in the event the debt of the federal government reaches the statutory limit, the authority of the Department of the Treasury to pay with legal tender the principal and interest on debt held by the public, the authority of the Commissioner of Social Security to pay monthly old-age, survivors', and disability insurance benefits under title II of the Social Security Act, and the authority to make any payments, or expend or obligate any funds, under any law administered by the Secretary of Defense (DOD), the Administrator for Nuclear Security, or any other administering Armed Forces Secretary, shall take priority over all other obligations incurred by the government.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 February 2011

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• Introduced in House (PDF)

  Introduced in House · EN · 15 February 2011

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• Introduced in House

  summary · EN · 15 February 2011

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