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S. 82Senate118th Congress (2023-2025)Introduced

Full Faith and Credit Act

Sponsored by Rick ScottSen. Rick Scott (R-FL)
Introduced January 25, 2023

AI-Generated Summary

Updated January 20, 2026 at 2:28 AM UTC

The Full Faith and Credit Act would require the federal government to give top priority to paying certain core obligations—Social Security benefits, Medicare, veterans’ benefits, and active‑duty military pay—if the national debt reaches the statutory limit. It also directs the Treasury to raise the debt limit by any shortfall needed to cover those priority payments over a two‑week period, and to report any shortfall to Congress.

Key Provisions

  • When the debt limit is hit, payments for Treasury debt, Social Security, Medicare, veterans’ compensation and pensions, and active‑duty military and Coast Guard pay must be treated as equal priority over all other government obligations.
  • If projected revenue cannot fully cover these priority payments for a two‑week span, the Treasury must notify Congress and the debt limit is automatically increased by the amount of the shortfall.
  • Any revenue that exceeds the projected amount is held in reserve and applied to the next two‑week period.

Legislative Activity

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2 earlier actions
SenateCalendars Latest Action

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 6.

January 26, 2023

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SenateIntro Referral

Introduced in Senate

January 25, 2023

SenateCalendars

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

January 25, 2023

SenateCalendars

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 6.

January 26, 2023

Floor Debate

2 members

What members said about S. 82 on the floor

2 Democrats
Charles E. Schumer
Sen. Charles E. SchumerD-NY · Jan 26, 2023

Mr. President, first, before I get to my remarks and housekeeping, I understand there are three bills at the desk due for a second reading, en bloc. Mr. President, in order to place the bills on the…

Record
Christopher Murphy
Sen. Christopher MurphyD-CT · Jan 25, 2023

I understand there are three bills at the desk and I ask for their first reading. Madam President, I ask for a second reading and in order to place the bills on the calendar under the provisions of…

Record

Bill Text

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Placed on Calendar SenateIssued January 26, 2023

II

Calendar No. 6

118th CONGRESS

1st Session

S. 82

IN THE SENATE OF THE UNITED STATES

January 25, 2023

Mr. Scott of Florida (for himself, Mr. Johnson, Ms. Lummis, Mr. Lee, Mr. Braun, Mr. Cramer, Mrs. Britt, Mr. Risch, Mr. Budd, and Mrs. Blackburn) introduced the following bill; which was read the first time

January 26, 2023

Read the second time and placed on the calendar

A BILL

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

1.

Short title

This Act may be cited as the Full Faith and Credit Act.

2.

Prioritize obligations on the debt held by the public, social security benefits, medicare, veterans, and military pay

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.).

(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.).

3.

Limited debt limit authority

(a)

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 section 2 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—

(1)

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 section 2 for such 2-week period; and

(2)

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.

(b)

Excess revenue

If incoming revenue exceeds the amount projected under subsection (a), any amount in excess shall be held in reserve and applied to the following 2-week period.

January 26, 2023

Read the second time and placed on the calendar