H.R. 2534 (112th): Ensuring America’s Promises Act of 2011

112th Congress, 2011–2013. Text as of Jul 14, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2534

IN THE HOUSE OF REPRESENTATIVES

July 14, 2011

(for himself and Mr. Southerland) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To provide that the public debt limit shall not affect timely payment of certain Social Security, public debt, defense, veterans, and Medicare obligations.

1.

Short title

This Act may be cited as the Ensuring America's Promises Act of 2011.

2.

Timely payment in full of certain obligations notwithstanding the public debt limit

(a)

In general

Nothing in section 3101 of title 31, United States Code, shall be construed to have the effect of—

(1)

precluding or otherwise limiting timely redemption of obligations owed to the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund to the extent necessary to provide for timely payment in full of benefits payable from such Trust Funds;

(2)

otherwise precluding or limiting timely payment in full of benefits payable from such Trust Funds;

(3)

otherwise precluding or limiting timely payment in full of 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;

(4)

otherwise precluding or limiting timely payment in full of amounts 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;

(5)

otherwise precluding or limiting timely payment in full of amounts the Secretary of Veterans Affairs determines necessary to provide the benefits and programs under title 38, United States Code, to veterans and other individuals; or

(6)

otherwise precluding or limiting timely payment in full of obligations owned under the Medicare program under title XVIII of the Social Security Act.

(b)

Operation of the public debt limit in other respects

The limitation on public debt under section 3101 of title 31, United States Code, shall apply with respect to matters other than matters affected by subsection (a) as if subsection (a) had not been enacted.

(c)

Termination

Subsections (a) and (b) shall cease to have effect after December 31, 2012.