summary
Introduced
01/25/2023
01/25/2023
In Committee
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To protect social security benefits and military pay and require 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, titled the "Full Faith and Credit Act," aims to prioritize certain government obligations in the event the United States reaches its debt limit. Specifically, the bill would require the Treasury Department to pay the principal and interest on debt held by the public, Social Security benefits, military pay and allowances, Veterans Affairs compensation and pensions, and Medicare payments, even if the debt limit is reached. The bill also includes a limited provision to increase the debt limit by the amount of any expected revenue shortfall to cover these prioritized obligations over a 2-week period, and any excess revenue would be held in reserve for the next 2-week period.
Sponsors (14)
Rick Scott (R)*,
John Barrasso (R),
Marsha Blackburn (R),
Katie Boyd Britt (R),
Mike Braun (R),
Ted Budd (R),
Kevin Cramer (R),
Ted Cruz (R),
Ron Johnson (R),
Mike Lee (R),
Cynthia Lummis (R),
Rand Paul (R),
Jim Risch (R),
Tim Scott (R),
Last Action
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 6. (on 01/26/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/82/all-info |
| BillText | https://www.congress.gov/118/bills/s82/BILLS-118s82pcs.pdf |
Loading...