S 259
112th Congress
Senate
Economics and Public Finance
Budget deficits and national debt
Securities
Social security and elderly assistance
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.
Introduced: February 2, 2011
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 2, 2011
Read twice and referred to the Committee on Finance.
Feb 2, 2011
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1