(1) It is an American value to meet all obliga-
tions. 
(2) A AAA credit rating is essential to the eco-
nomic standing of the United States in the world. 
(3) The statutory debt limit was increased— 
(A) 18 times during the presidency of Ron-
ald Reagan; 
(B) 4 times during the presidency of 
George H. W. Bush; 
(C) 6 times during the presidency of Wil-
liam J. Clinton; and 
(D) 7 times during the presidency of 
George W. Bush. 
(4) Section 4 of the 14th Amendment of the 
United States Constitution states ‘‘the validity of 
the public debt of the United States, authorized by 
law, including debts incurred for payment of pen-
sions and bounties for services in suppressing insur-
rection or rebellion, shall not be questioned’’. 
(5) The statutory debt limit is increased by 
Congress to pay financial obligations authorized by 
Congress. 
(6) The ratings agency Moody’s has called for 
the public debt limit to be eliminated. 
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(7) The United States is one of the few nations 
in the world with a public debt limit. 
(8) The annual budget resolution, voted on by 
members of the Senate and House of Representa-
tives, specifies the appropriate level of the public 
debt for each fiscal year covered by the resolution. 
(9) At times the statutory debt limit must be 
increased to honor financial obligations authorized 
and appropriated by Congress and the President of 
the United States. 
(10) The credit rating agency Standard and 
Poor’s downgraded the credit rating of the United 
States for the first time in its history on August 5, 
2011, citing ‘‘political brinksmanship’’ as a primary 
reason for its action. 
(11) In July 2012, the Government Account-
ability Office estimated that the 2011 debt limit 
standoff cost taxpayers $1,300,000,000 in fiscal 
year 2011, and the Government Accountability Of-
fice further noted that ‘‘Congress should consider 
ways to . . . avoid potential disruptions to the 
Treasury market and to help inform the fiscal policy 
debate in a timely way.’’. 
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(12) In January 2013, the Bipartisan Policy 
Center estimated that the 10-year cost to taxpayers 
of the 2011 debt limit standoff is $18,900,000,000. 
SEC. 3. HOLDING SALARIES OF MEMBERS OF CONGRESS IN 
ESCROW UPON FAILURE TO MEET DEBT OB-
LIGATIONS. 
(a) HOLDING SALARIES IN ESCROW.— 
(1) IN GENERAL.—If the Federal Government 
is unable to make payments or meet obligations be-
cause the public debt limit under section 3101 of 
title 31, United States Code, has been reached, dur-
ing the period described in paragraph (2) the payroll 
administrator of each House of Congress shall de-
posit in an escrow account all payments otherwise 
required to be made during such period for the com-
pensation of Members of Congress who serve in that 
House of Congress, and shall release such payments 
to such Members only upon the expiration of such 
period. 
(2) PERIOD DESCRIBED.—The period described 
in this paragraph is the period beginning on the date 
on which the Federal Government is unable to make 
payments or meet obligations because the public 
debt limit under section 3101 of title 31, United 
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States Code, has been reached, and ending on the 
earlier of— 
(A) the date on which the House of Rep-
resentatives and the Senate present a bill to the 
President under article I, section 7 of the Con-
stitution of the United States, to increase the 
public debt limit under section 3101 of title 31, 
United States Code; or 
(B) the last day of the One Hundred Thir-
teenth Congress. 
(3) 
WITHHOLDING
AND
REMITTANCE
OF 
AMOUNTS FROM PAYMENTS HELD IN ESCROW.—The 
payroll administrator of each House of Congress 
shall provide for the same withholding and remit-
tance with respect to a payment deposited in an es-
crow account under paragraph (1) that would apply 
to the payment if the payment were not subject to 
paragraph (1). 
(4) RELEASE OF AMOUNTS AT END OF CON-
GRESS.—In order to ensure that this section is car-
ried out in a manner that shall not vary the com-
pensation of Senators or Representatives in violation 
of the 27th Amendment to the Constitution of the 
United States, the payroll administrator of a House 
of Congress shall release for payments to Members 
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of that House of Congress any amounts remaining 
in any escrow account under this section on the last 
day of the One Hundred Thirteenth Congress. 
(5) ROLE OF SECRETARY OF THE TREASURY.— 
The Secretary of the Treasury shall provide the pay-
roll administrators of the Houses of Congress with 
such assistance as may be necessary to enable the 
payroll administrators to carry out this section. 
(b) TREATMENT OF DELEGATES AS MEMBERS.—In 
this section, the term ‘‘Member’’ includes a Delegate or 
Resident Commissioner to Congress. 
(c) PAYROLL ADMINISTRATOR DEFINED.—In this 
section, the ‘‘payroll administrator’’ of a House of Con-
gress means— 
(1) in the case of the House of Representatives, 
the Chief Administrative Officer of the House of 
Representatives, or an employee of the Office of the 
Chief Administrative Officer who is designated by 
the Chief Administrative Officer to carry out this 
section; and 
(2) in the case of the Senate, the Secretary of 
the Senate, or an employee of the Office of the Sec-
retary of the Senate who is designated by the Sec-
retary to carry out this section. 
Æ 
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