II 

113TH CONGRESS 

1ST SESSION S. 46 

To protect Social Security benefits and military pay and require that the 

United States Government 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 22 (legislative day, JANUARY 3), 2013 

Mr. TOOMEY (for himself, Mr. VITTER, Mr. LEE, Mr. RUBIO, Mr. ENZI, Mr. 

BARRASSO, Mr. CHAMBLISS, Mr. INHOFE, Mr. BLUNT, Mr. JOHNSON of 

Wisconsin, Mr. HELLER, Mr. FLAKE, Mr. RISCH, Ms. AYOTTE, Mr. ISAKSON, Mr. GRASSLEY, and Mr. CRUZ) introduced the following bill; which 

was read twice and referred to the Committee on Finance 

A BILL 

To protect Social Security benefits and military pay and 

require that the United States Government 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 title may be cited as the ‘‘Ensuring the Full 

5 Faith and Credit of the United States and Protecting 

6 America’s Soldiers and Seniors Act’’. 


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

2 THE PUBLIC, SOCIAL SECURITY BENEFITS, 

3 AND MILITARY PAY. 

4 In the event that the debt of the United States Gov5 ernment reaches the statutory limit as defined in section 

6 3101 of title 31, United States Code, the following shall 

7 take equal priority over all other obligations incurred by 

8 the Government of the United States: 

9 (1) The authority of the Department of the 

10 Treasury contained in 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. 

17 (3) The payment of pay and allowances for 

18 members of the Armed Forces on active duty. 

19 SEC. 3. LIMITED DEBT LIMIT AUTHORITY. 

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

21 determines, after consultation with the Director of the Of22 fice of Management and Budget, that incoming revenue 

23 will not be sufficient to finance the priorities listed in sec24 tion 2 over the following 2 weeks, the Secretary, in coordi25 nation with the Director of the Office of Management and 

26 Budget, shall— 


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1 (1) notify Congress of the expected revenue 

2 shortfall; and 

3 (2) raise the debt limit by the amount necessary 

4 to cover the difference between incoming revenue 

5 and the revenue needed to finance the priorities list6 ed in section 2 on a 2-week basis. 

7 (b) LIMIT.—The debt limit increase provided by sub8 section (a)(2) may not exceed the difference between ex9 pected outlays for the listed priorities and expected rev10 enue. 

11 (c) EXCESS REVENUE.—If incoming revenue exceeds 

12 the amount projected by the Secretary of the Treasury, 

13 in consultation with the Director of the Office of Manage14 ment and Budget, needed to finance the priorities listed 

15 in section 2 over the 2-week period, any amount in excess 

16 shall be held in reserve and applied to the following 2- 

17 week period. 

Æ 


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