[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 259 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 259

    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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 2, 2011

  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.

    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 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.
                                 <all>