S.1420 - A bill to require that the United States Government prioritize all obligations on the debt held by the public, Social Security benefits, and military pay in the event that the debt limit is reached, and for other purposes.112th Congress (2011-2012)
|Sponsor:||Sen. Toomey, Pat [R-PA] (Introduced 07/26/2011)|
|Latest Action:||Senate - 07/27/2011 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 112. (All Actions)|
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Summary: S.1420 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (07/26/2011)
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.