[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 728 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 728

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 15, 2011

 Mr. Stutzman introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


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

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY THE PUBLIC, 
              PAYMENT OF SOCIAL SECURITY BENEFITS, AND MILITARY 
              FUNDING.

    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, 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, and the authority to make any payments, or 
expend or obligate any funds, under any law administered by the 
Secretary of Defense, the Administrator for Nuclear Security, or any 
other administering Secretary under title 10, United States Code, shall 
take priority over all other obligations incurred by the Government of 
the United States.
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