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

Bill: 114-s-69
Sponsor: full_name: Sen. Vitter, David [R-LA]
Introduced: 2015-01-07
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Securities

Social security and elderly assistance
Latest action: action_date: 2015-01-07
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-01-07
action_desc: Introduced in Senate
text: <p>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, and 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, shall take priority over all other obligations incurred by the government.</p>

tv_txt: II 114th CONGRESS 1st Session S. 69 IN THE SENATE OF THE UNITED STATES January 7, 2015 Mr. Vitter introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To require that the Government give priority to payment of all obligations on the debt held by the public and payment of Social Security benefits in the event that the debt limit is reached.

1. Prioritize obligations on the debt held by the public and payment of social security benefits In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the authority of the Department of the Treasury provided in section 3123 of title 31, United States Code, to pay with legal tender the principal and interest on debt held by the public and 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 shall take priority over all other obligations incurred by the Government of the United States.