S.Amdt. 95

SA 95. Mr. SCOTT of Florida submitted an amendment intended to be
proposed by him to the bill H.R. 3746, to provide for a responsible
increase to the debt ceiling; which was ordered to lie on the table; as
follows:

At the appropriate place, insert the following:

SEC. ___. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY THE
PUBLIC, SOCIAL SECURITY BENEFITS, MEDICARE,
VETERANS, AND MILITARY PAY.

(a) In General.--If the debt of the United States
Government reaches the statutory limit under section 3101 of
title 31, United States Code, the following obligations shall
take equal priority over all other obligations incurred by
the United States Government:
(1) The authority of the Department of the Treasury
provided under 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 (42 U.S.C.
401 et seq.).

[[Page S1852]]

(3) The payment of pay and allowances for members of the
Armed Forces on active duty and members of the United States
Coast Guard.
(4) The payment of compensation and pensions, and payments
for medical services, provided by the Department of Veterans
Affairs.
(5) The Medicare programs under parts A, B, C, and D of
title XVIII of the Social Security Act (42 U.S.C. 1395c et
seq.).
(b) 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 pay the priority obligations specified
under subsection (a) over an upcoming 2-week period during a
period during which the debt of the United States Government
has reached the statutory limit under section 3101 of title
31, United States Code--
(A) the Secretary, in coordination with the Director of the
Office of Management and Budget, shall notify Congress of the
amount of the expected revenue shortfall from the revenue
required to pay in full the priority obligations specified
under subsection (a) for such 2-week period; and
(B) the amount of the limit on debt held by the public
under section 3101 of title 31, United States Code, shall be
increased by the amount of the expected revenue shortfall.
(2) Excess revenue.--If incoming revenue exceeds the amount
projected under paragraph (1), any amount in excess shall be
held in reserve and applied to the following 2-week period.
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