US Congress House Bill 3296 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on October 16 2013 - 25% progression, died in committee
Action: 2013-10-16 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Pay America First Act - Makes this Act effective if the federal government defaults on its legal obligations for the first time in its history, as evidenced by one or more of certain actions taken by the Secretary of the Treasury. Counts among such actions withholding from making payments of debt obligations to foreign bond holders, including those in China, Iran, and the Cayman Islands, before: making a payment of a debt obligation to the Social Security and Medicare trust funds or redeeming a debt obligation held by those trust funds; redeeming a debt obligation held by a trust fund providing veterans benefits, including the Veterans Special Life Insurance Fund, the Veterans Reopened Insurance Fund, the Armed Forces Retirement Home Fund, and the Court of Veteran Appeals Retirement Fund; redeeming a debt obligation held by an intragovernmental fund to assist Americans during a natural disaster, including reserves for the National Flood Insurance Program and other disaster relief funds appropriated to the President; or making a payment of debt obligations to the Department of Defense (DOD), including civilian and uniformed personnel (Army, Navy, Marines, Air Force), military active pay and military retirement benefits, and military benefits to their families. Requires the Secretary, after exercising such authority, to report each week to Congress on the payments issued and amount of revenues incoming and remaining reserves for upcoming payments issued.

Pay America First Act

Rep. Pete Gallego [D-TX]

Date	Chamber	Action
2013-10-16	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3296/all-info
Text	https://www.congress.gov/113/bills/hr3296/BILLS-113hr3296ih.pdf