II 

Calendar No. 6 

118TH CONGRESS 

1ST SESSION S. 82 

To protect social security benefits and military pay and require that the 

United States Government to prioritize all obligations on the debt held 

by the public in the event that the debt limit is reached. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 25, 2023 

Mr. SCOTT of Florida (for himself, Mr. JOHNSON, Ms. LUMMIS, Mr. LEE, Mr. 

BRAUN, Mr. CRAMER, Mrs. BRITT, Mr. RISCH, Mr. BUDD, and Mrs. 

BLACKBURN) introduced the following bill; which was read the first time 

JANUARY 26, 2023 

Read the second time and placed on the calendar 

A BILL 

To protect social security benefits and military pay and require that the United States Government to prioritize 

all obligations on the debt held by the public in the 

event that the debt limit is reached. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Full Faith and Credit 

5 Act’’. 


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•S 82 PCS

1 SEC. 2. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY 

2 THE PUBLIC, SOCIAL SECURITY BENEFITS, 

3 MEDICARE, VETERANS, AND MILITARY PAY. 

4 If the debt of the United States Government reaches 

5 the statutory limit under section 3101 of title 31, United 

6 States Code, the following obligations shall take equal pri7 ority over all other obligations incurred by the United 

8 States Government: 

9 (1) The authority of the Department of the 

10 Treasury provided under section 3123 of title 31, 

11 United States Code, to pay with legal tender the 

12 principal and interest on debt held by the public. 

13 (2) The authority of the Commissioner of Social 

14 Security to pay monthly old-age, survivors’, and dis15 ability insurance benefits under title II of the Social 

16 Security Act (42 U.S.C. 401 et seq.). 

17 (3) The payment of pay and allowances for 

18 members of the Armed Forces on active duty and 

19 members of the United States Coast Guard. 

20 (4) The payment of compensation and pensions, 

21 and payments for medical services, provided by the 

22 Department of Veterans Affairs. 

23 (5) The Medicare programs under parts A, B, 

24 C, and D of title XVIII of the Social Security Act 

25 (42 U.S.C. 1395c et seq.). 


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•S 82 PCS

1 SEC. 3. LIMITED DEBT LIMIT AUTHORITY. 

2 (a) IN GENERAL.—If the Secretary of the Treasury 

3 determines, after consultation with the Director of the Of4 fice of Management and Budget, that incoming revenue 

5 will not be sufficient to pay the priority obligations speci6 fied under section 2 over an upcoming 2-week period dur7 ing a period during which the debt of the United States 

8 Government has reached the statutory limit under section 

9 3101 of title 31, United States Code— 

10 (1) the Secretary, in coordination with the Di11 rector of the Office of Management and Budget, 

12 shall notify Congress of the amount of the expected 

13 revenue shortfall from the revenue required to pay 

14 in full the priority obligations specified under section 

15 2 for such 2-week period; and 

16 (2) the amount of the limit on debt held by the 

17 public under section 3101 of title 31, United States 

18 Code, shall be increased by the amount of the ex19 pected revenue shortfall. 

20 (b) EXCESS REVENUE.—If incoming revenue exceeds 

21 the amount projected under subsection (a), any amount 

22 in excess shall be held in reserve and applied to the fol23 lowing 2-week period. 


kjohnson on DSK79L0C42PROD with BILLS
Calendar No. 6 

118TH CONGRESS 

1ST SESSION S. 82 

A BILL 

To protect social security benefits and military pay 

reached. the public in the event that the debt limit is to prioritize all obligations on the debt held by and require that the United States Government 

JANUARY 26, 2023 

Read the second time and placed on the calendar 


kjohnson on DSK79L0C42PROD with BILLS