Keep Our Promises Act

Bill: 118-s-213
Sponsor: full_name: Sen. Hawley, Josh [R-MO]
Introduced: 2023-02-01
Policy area: Health
Latest action: action_date: 2023-02-01
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-02-01
action_desc: Introduced in Senate
text: <p><b>Keep Our Promises Act</b></p> <p>This bill authorizes Medicare and Social Security payments to be made in full even if the federal debt limit is reached. Such payments do not count against the debt limit until after the debt limit has been raised by authorizing legislation. </p>

tv_txt: II 118th CONGRESS 1st Session S. 213 IN THE SENATE OF THE UNITED STATES February 1, 2023 Mr. Hawley introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To authorize the Secretary of the Treasury to issue obligations to make Medicare and Social Security payments, despite the debt limit being reached.

1. Short title This Act may be cited as the Keep Our Promises Act . 2. Social Security and Medicare programs and the debt limit (a) Finding Congress finds that Social Security and Medicare beneficiaries should be assured that their benefits will be paid in full and on time. (b) Exemption Section 3101 of title 31, United States Code, is amended— (1) in subsection (b), by striking The face and inserting Subject to subsection (d), the face ; and (2) by adding at the end the following: (d) (1) If the face value of the amount of obligations described in subsection (b) reaches the limit on such obligations under subsection (b), to the extent necessary to make timely payment of the full amount of benefits authorized under the Medicare program established under title XVIII of the Social Security Act ( 42 U.S.C. 1395 et seq. ) or the old-age, survivors, and disability insurance benefits program established under title II of the Social Security Act ( 42 U.S.C. 401 et seq. ) the Secretary of the Treasury may issue obligations under this chapter. (2) With respect to each instance in which the Secretary of the Treasury begins issuing obligations in accordance with paragraph (1), the face value of such obligations issued during such instance shall not be taken into account in determining the face value of obligations for purposes of subsection (b) during the period— (A) beginning on the date on which the Secretary began issuing obligations in accordance with paragraph (1) during such instance; and (B) ending on the day after the date of enactment of the first law enacted after the date described in subparagraph (A) increasing the limit under subsection (b). .