[Congressional Record Volume 169, Number 93 (Wednesday, May 31, 2023)]
[Senate]
[Pages S1851-S1852]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 95. Mr. SCOTT of Florida submitted an amendment intended to be 
proposed by him to the bill H.R. 3746, to provide for a responsible 
increase to the debt ceiling; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY THE 
                   PUBLIC, SOCIAL SECURITY BENEFITS, MEDICARE, 
                   VETERANS, AND MILITARY PAY.

       (a) In General.--If the debt of the United States 
     Government reaches the statutory limit under section 3101 of 
     title 31, United States Code, the following obligations shall 
     take equal priority over all other obligations incurred by 
     the United States Government:
       (1) The authority of the Department of the Treasury 
     provided under section 3123 of title 31, United States Code, 
     to pay with legal tender the principal and interest on debt 
     held by the public.
       (2) 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 (42 U.S.C. 
     401 et seq.).

[[Page S1852]]

       (3) The payment of pay and allowances for members of the 
     Armed Forces on active duty and members of the United States 
     Coast Guard.
       (4) The payment of compensation and pensions, and payments 
     for medical services, provided by the Department of Veterans 
     Affairs.
       (5) The Medicare programs under parts A, B, C, and D of 
     title XVIII of the Social Security Act (42 U.S.C. 1395c et 
     seq.).
       (b) Limited Debt Limit Authority.--
       (1) In general.--If the Secretary of the Treasury 
     determines, after consultation with the Director of the 
     Office of Management and Budget, that incoming revenue will 
     not be sufficient to pay the priority obligations specified 
     under subsection (a) over an upcoming 2-week period during a 
     period during which the debt of the United States Government 
     has reached the statutory limit under section 3101 of title 
     31, United States Code--
       (A) the Secretary, in coordination with the Director of the 
     Office of Management and Budget, shall notify Congress of the 
     amount of the expected revenue shortfall from the revenue 
     required to pay in full the priority obligations specified 
     under subsection (a) for such 2-week period; and
       (B) the amount of the limit on debt held by the public 
     under section 3101 of title 31, United States Code, shall be 
     increased by the amount of the expected revenue shortfall.
       (2) Excess revenue.--If incoming revenue exceeds the amount 
     projected under paragraph (1), any amount in excess shall be 
     held in reserve and applied to the following 2-week period.
                                 ______