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Prioritizing Benefits and Debt Payments During Debt Limit Crisis

This act aims to protect essential government benefits and financial obligations if the national debt limit is reached. It ensures that even in a fiscal crisis, payments for Social Security, military salaries, veterans' benefits, and public debt will be prioritized. Additionally, the debt limit can be temporarily increased if necessary to cover these critical payments.
Key points
Social Security benefits (old-age, survivors', and disability insurance) will be protected and paid first.
Pay and allowances for active duty military and Coast Guard members will be prioritized.
Veterans' compensation, pensions, and medical services, along with Medicare programs, will continue uninterrupted.
Principal and interest payments on public debt will be prioritized to maintain the nation's financial credibility.
The debt limit can be temporarily raised to cover only these priority obligations if revenue is insufficient.
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Additional Information
Print number: 117_S_2809
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2021-09-22
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Full Faith and Credit Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2809.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-09-22.

What are the main provisions?

Key points include:

  • Social Security benefits (old-age, survivors', and disability insurance) will be protected and paid first.
  • Pay and allowances for active duty military and Coast Guard members will be prioritized.
  • Veterans' compensation, pensions, and medical services, along with Medicare programs, will continue uninterrupted.
  • Principal and interest payments on public debt will be prioritized to maintain the nation's financial credibility.
  • The debt limit can be temporarily raised to cover only these priority obligations if revenue is insufficient.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Scott, Rick [R-FL].

What is the latest detailed status?

The latest detailed status is: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 136.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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Economy Benefits