GovTrack’s Bill Summary
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S. 46: Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act
- Introduced:
- Jan 22, 2013 (113th Congress, 2013–2015)
- Sponsor:
- Sen. Patrick “Pat” Toomey [R-PA]
- Status:
- Referred to Committee
The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.
- Full Title
A bill to protect Social Security benefits and military pay and require that the United States Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached.
- Summary
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No summaries available.
- Text
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Last updated Jan 22, 2013.
3 pages
- Primary Source
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View on THOMAS (The Library of Congress)
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- Citation
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
1/22/2013--Introduced.
Ensuring the Full Faith and Credit of the United States and Protecting America's Soldiers and Seniors Act - Requires the following to take equal priority over all other federally incurred obligations in the event that the public debt reaches the statutory limit:
(1) the authority of the Department of the Treasury 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; and
(3) the payment of pay and allowances for members of the Armed Forces on active duty.
Requires the Secretary of the Treasury, if the Secretary determines that incoming revenue will not be sufficient to finance the priorities described in this Act over the following two weeks, to:
(1) notify Congress of the expected revenue shortfall, and
(2) raise the debt limit by the amount necessary to cover the difference between incoming revenue and the revenue needed to finance such priorities on a two-week basis.
Prohibits such a debt limit increase from exceeding the difference between expected outlays for the listed priorities and expected revenue.
Places in reserve and applies to the following two-week period any amount of incoming revenue in excess of the amount projected by the Secretary as necessary to finance such priorities.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 31: MONEY AND FINANCE
- Subtitle III: FINANCIAL MANAGEMENT
- Chapter 31: PUBLIC DEBT
- Subchapter I: BORROWING AUTHORITY
- Section 3101: Public debt limit
- Subchapter II: ADMINISTRATIVE
- Section 3123: Payment of obligations and interest on the public debt