WASHINGTON - A group of congressional Republicans unveiled the “Ensuring the Full Faith and Credit of the United States and Protecting America’s Soldiers and Seniors Act” on Tuesday. The legislation would require the Treasury secretary to prioritize payments on interest on the national debt, Social Security and military pay.
“What our bill would do is it would instruct the Treasury secretary in the event that the debt ceiling is not raised prior to August 2 to make certain obligations priorities so that they will be paid in full, on time, and without delay,” Sen. Patrick Toomey (R-PA) said during a Capitol Hill news conference announcing the legislation.
1 comment:
These guys continue to toss out "feel good" BS legislation to feed the base red meat. The US currently borrows 37% of what it spends. You can completely shut down all fed departments (discretionary spending) and you are still left with an 18-19% hole if you can't borrow. This is nearly equal to what the US spends on medicade/medicare or defense, so which are you gonna prioitize? Or maybe you will just skip out on those interest payments.
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