To protect Social Security benefits and military pay and require that the United States Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached.

SA 8. Mr. TOOMEY submitted an amendment intended to be proposed by
him to the bill H.R. 325, to ensure the complete and timely payment of
the obligations of the United States Government until May 19, 2013, and
for other purposes; as follows:

At the end of the bill, insert the following:

SEC. ____. ENSURING THE FULL FAITH AND CREDIT OF THE UNITED
STATES AND PROTECTING AMERICA'S SOLDIERS AND
SENIORS ACT.

(a) Short Title.--This section may be cited as the
``Ensuring the Full Faith and Credit of the United States and
Protecting America's Soldiers and Seniors Act''.
(b) Prioritize Obligations on the Debt Held by the Public,
Social Security Benefits, and Military Pay.--In the event
that the debt of the United States Government reaches the
statutory limit as defined in section 3101 of title 31,
United States Code, the following shall take equal priority
over all other obligations incurred by the Government of the
United States:
(1) The authority of the Department of the Treasury
contained in section 3123 of title 31, United States Code, 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.
(3) The payment of pay and allowances for members of the
Armed Forces on active duty.
(c) Limited Debt Limit Authority.--
(1) In general.--If the Secretary of the Treasury
determines, after consultation with the Director of the
Office of Management and Budget, that incoming revenue will
not be sufficient to finance the priorities listed in
subsection (b) over the following 2 weeks, the Secretary, in
coordination with the Director of the Office of Management
and Budget, shall--
(A) notify Congress of the expected revenue shortfall; and
(B) raise the debt limit by the amount necessary to cover
the difference between incoming revenue and the revenue
needed to finance the priorities listed in subsection (b) on
a 2 week basis.
(2) Limit.--The debt limit increase provided by paragraph
(1)(B) may not exceed the difference between expected outlays
for the listed priorities and expected revenue.
(3) Excess revenue.--If incoming revenue exceeds the amount
projected by the Secretary of the Treasury, in consultation
with the Director of the Office of Management and Budget,
needed to finance the priorities listed in subsection (b)
over the 2-week period, any amount in excess shall be held in
reserve and applied to the following 2-week period.
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