Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Budget Committee, joined Senators Rick Scott (R-FL) and Pat Toomey (R-PA) in introducing the Full Faith and Credit Act, legislation to ensure the federal government prioritizes funding for our military, veterans, and seniors if the federal debt ceiling is reached.
“As Democrats set their sights on adding trillions of dollars to our national debt with their reckless spending package, they are asking Republicans to help green light their agenda by increasing the debt limit,” said Senator Cramer.“Our bill would ensure that if Democrats exceed the debt limit and Washington is forced to cut back, critical funding for seniors, veterans, and service members will be prioritized.”
The Full Faith and Credit Act would:
Require the following to take priority over all other federally incurred obligations in the event that the federal debt reaches the debt ceiling:
o The Department of the Treasury to pay the principal and interest on debt held by the public.
o Social Security payments toward monthly Old Age, Survivors and Disability Insurance benefits under title II of the Social Security Act.
o Pay and allowances for members of the Armed Forces on active duty and the United States Coast Guard.
o Payment of compensation and pensions and medical services provided by the United States Department of Veterans Affairs.
o Medicare programs.
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Require the Secretary of the Treasury, if the Secretary determines that incoming revenue will not be sufficient to finance the priorities described above over the following two weeks, to:
o Notify Congress of the expected revenue shortfall.
o 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.
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Prohibit such a debt limit increase from exceeding the difference between expected outlays for the listed priorities and expected revenue.
Senators Cramer, Scott, and Toomey were joined on the bill by Senators Thom Tillis (R-NC), Ron Johnson (R-WI), Mike Braun (R-IN), Bill Hagerty (R-TN), Ted Cruz (R-TX), Shelley Moore Capito (R-WV), Marco Rubio (R-FL), John Barrasso (R-WY), and John Hoeven (R-ND).
Click here to read the bill text.