summary
Introduced
09/22/2021
09/22/2021
In Committee
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To protect social security benefits and military pay and re- quire 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.
AI Summary
This bill, the Full Faith and Credit Act, aims to protect social security benefits, military pay, and other key government obligations in the event that the debt limit is reached. It would prioritize the payment of debt held by the public, social security benefits, military pay, veterans' benefits, and Medicare over all other government obligations if the debt limit is reached. The bill also allows the Treasury Secretary to temporarily raise the debt limit by the amount needed to cover any expected revenue shortfall for a 2-week period, with any excess revenue held in reserve for the following 2-week period.
Sponsors (16)
Rick Scott (R)*,
John Barrasso (R),
Marsha Blackburn (R),
John Boozman (R),
Mike Braun (R),
Shelley Moore Capito (R),
Kevin Cramer (R),
Ted Cruz (R),
Bill Hagerty (R),
John Hoeven (R),
James Inhofe (R),
Ron Johnson (R),
Marco Rubio (R),
Dan Sullivan (R),
Thom Tillis (R),
Pat Toomey (R),
Last Action
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 136. (on 09/22/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/2809/all-info |
| BillText | https://www.congress.gov/117/bills/s2809/BILLS-117s2809pcs.pdf |
| Bill | https://www.congress.gov/117/bills/s2809/BILLS-117s2809pcs.pdf.pdf |
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