WASHINGTON – U.S. Senator John Boozman helped unveil bicameral legislation that requires the U.S. Treasury Secretary to prioritize interest payments, Social Security and active duty military pay as Congress works to address a solution to fulfilling our nation’s financial obligations.
Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act requires the Administration to make payments to these programs should debt ceiling negotiations continue to the August 2 deadline given by the Secretary of Treasury.
“This is commonsense legislation that shows our commitment to reassuring Americans who rely on Social Security and our men and women in uniform that they will continue to be paid as Congress negotiates a debt ceiling increase. It is my hope that we won’t have to implement this but we need to be prepared for problems that may occur if no agreement is reached by the Administration’s deadline,” Boozman said.
According to the Bipartisan Policy Center resources will be available in August to pay these commitments. From August 3 to August 31 total revenue will be at least $173 billion which would sufficiently pay for the $81 billion it would cost to pay interest on our debt, Social Security and active duty military.The Senate legislation was introduced by Senator Pat Toomey (R-PA) and cosponsored by Senators Ayotte (R-NH), Barrasso (R-WY), Blunt (R-MO), Boozman, Chambliss (R-GA), Coats (R-IN), Coburn (R-OK), Cornyn (R-TX), Crapo (R-ID), Enzi (R-WY), Graham (R-SC), Grassley (R-IA), Hatch (R-UT), Heller (R-NV), Hoeven (R-ND), Hutchison (R-TX), Inhofe (R-OK), Isakson (R-GA), Johanns (R-NE), Johnson (R-WI), Kirk (R-IL), Lee (R-UT), Lugar (R-IN), Moran (R-KS), Paul (R-KY), Risch (R-ID), Roberts (R-KS), Rubio (R-FL), Vitter (R-LA.) and Wicker (R-MS).