< Back to H.R. 2496 (112th Congress, 2011–2013)

Text of the Payment Reliability for our Obligations to Military and Investors to Secure Essential Stability Act

This bill was introduced on July 12, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jul 12, 2011 (Introduced).

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Source: GPO

I

112th CONGRESS

1st Session

H. R. 2496

IN THE HOUSE OF REPRESENTATIVES

July 12, 2011

(for himself, Mr. Gohmert, and Mrs. Bachmann) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Armed Services and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To specify that in the event that the debt ceiling is reached, the United States shall prioritize the payment of pay and allowances to members of the Armed Forces, including reserve components thereof, and the payment of obligations on the public debt, and to appropriate such funds as may be necessary to ensure that members of the Armed Forces, including reserve components thereof, continue to receive pay and allowances for active service performed when a funding gap occurs.

1.

Short title

This Act may be cited as the Payment Reliability for our Obligations to Military and Investors to Secure Essential Stability Act or the PROMISES Act.

2.

Priority of payments if the debt ceiling is reached

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, amounts necessary for obligations incurred by the Government of the United States shall be made available to the following obligations before all other obligations and shall be made available as prioritized in the following order (with items listed in descending order of prioritization):

(1)

Such amounts as the Secretary of Defense (and the Secretary of Homeland Security in the case of the Coast Guard) determines to be necessary to continue to provide pay and allowances (without interruption) to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including reserve components thereof, who perform active service.

(2)

Amounts necessary to carry out 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.

3.

Emergency appropriation of funds to provide pay and allowances for members of the Armed Forces during funding gap impacting the Department of Defense or Department of Homeland Security

(a)

Appropriation of funds for military pay and allowances

During a funding gap impacting the Armed Forces, the Secretary of the Treasury shall make available to the Secretary of Defense (and the Secretary of Homeland Security in the case of the Coast Guard), out of any amounts in the general fund of the Treasury not otherwise appropriated, such amounts as the Secretary of Defense (and the Secretary of Homeland Security in the case of the Coast Guard) determines to be necessary to continue to provide pay and allowances (without interruption) to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including reserve components thereof, who perform active service during the funding gap.

(b)

Funding gap defined

In this section, the term funding gap means any period of time after the beginning of a fiscal year for which interim or full-year appropriations for the personnel accounts of the Armed Forces for that fiscal year have not been enacted.