S.259 - A bill to require that the Government give priority to payment of all obligations on the debt held by the public and payment of social security benefits in the event that the debt limit is reached.

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  • Official: A bill to require that the Government give priority to payment of all obligations on the debt held by the public and payment of social security benefits in the event that the debt limit is reached. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/02/11
 
 
 
 
 
 
 

Official Summary

Declares that, in the event the debt of the federal government reaches the statutory limit, the authority of the Department of the Treasury to pay with legal tender the principal and interest on debt held by the public, and the authority of the Commissioner of Social Security to pay monthly

Official Summary

Declares that, in the event the debt of the federal government reaches the statutory limit, the authority of the Department of the Treasury to pay with legal tender the principal and interest on debt held by the public, and 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, shall take priority over all other obligations incurred by the government.

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