US Congress Senate Bill 46 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 29-0)
Status: Introduced on January 22 2013 - 25% progression, died in committee
Action: 2013-01-22 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Ensuring the Full Faith and Credit of the United States and Protecting America's Soldiers and Seniors Act

Sen. Pat Toomey [R-PA]	Sen. Kelly Ayotte [R-NH]	Sen. John Barrasso [R-WY]	Sen. Roy Blunt [R-MO]
Sen. John Boozman [R-AR]	Sen. Richard Burr [R-NC]	Sen. Saxby Chambliss [R-GA]	Sen. Tom Coburn [R-OK]
Sen. John Cornyn [R-TX]	Sen. Mike Crapo [R-ID]	Sen. Ted Cruz [R-TX]	Sen. Michael Enzi [R-WY]
Sen. Jeff Flake [R-AZ]	Sen. Lindsey Graham [R-SC]	Sen. Chuck Grassley [R-IA]	Sen. Orrin Hatch [R-UT]
Sen. Dean Heller [R-NV]	Sen. John Hoeven [R-ND]	Sen. James Inhofe [R-OK]	Sen. Johnny Isakson [R-GA]
Sen. Ron Johnson [R-WI]	Sen. Mike Lee [R-UT]	Sen. James Risch [R-ID]	Sen. Pat Roberts [R-KS]
Sen. Marco Rubio [R-FL]	Sen. Tim Scott [R-SC]	Sen. John Thune [R-SD]	Sen. David Vitter [R-LA]
Sen. Roger Wicker [R-MS]

Date	Chamber	Action
2013-01-22	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/senate-bill/46/all-info
Text	https://www.congress.gov/113/bills/s46/BILLS-113s46is.pdf