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S.46: Ensuring the Full Faith and Credit of the United States and Protecting America's Soldiers and Seniors Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about economics and public finance
You can read the bill
Sponsor Patrick J. Toomey, R-Pa.
Total Cosponsors 28 (All Republicans)
Introduced Jan. 22, 2013
Latest Major Action Jan. 22, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

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...

(Source: Congressional Research Service)

Bill Actions

Date Description
Jan. 22, 2013 Read twice and referred to the Committee on Finance.