Pay America First Act - Makes this Act effective if the federal government defaults on its legal obligations for the first time in its history, as evidenced by one or more of certain actions taken by the Secretary of the Treasury.
Counts among such actions withholding from making payments of debt obligations to foreign bond holders, including those in China, Iran, and the Cayman Islands, before:
Requires the Secretary, after exercising such authority, to report each week to Congress on the payments issued and amount of revenues incoming and remaining reserves for upcoming payments issued.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3296 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 3296
To authorize the United States Department of Treasury to prioritize
certain payments in the event that the debt limit is reached.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 16, 2013
Mr. Gallego introduced the following bill; which was referred to the
Committee on Ways and Means
_______________________________________________________________________
A BILL
To authorize the United States Department of Treasury to prioritize
certain payments in the event that the debt limit is reached.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Pay America First Act''.
SEC. 2. AUTHORITY TO PROTECT AMERICA'S SENIORS, VETERANS, AND OTHER
DOMESTIC PAYMENTS PRIOR TO DEBT OBLIGATIONS TO FOREIGN
BONDHOLDERS.
This Act shall take effect if the United States Government defaults
on its legal obligations for the first time in its history, as
evidenced by the Secretary of the Treasury taking any of the following
actions:
(1) Withhold from making payments of debt obligations to foreign
bond holders, including those in China, Iran, and the Cayman Islands,
before making payments of debt obligations to programs as listed below:
(a) Make a payment of a debt obligation to the Social
Security and Medicare trust funds or redeem a debt obligation
held by those trust funds.
(b) Redeem a debt obligation held by a trust fund providing
veterans benefits, including the Veterans Special Life
Insurance Fund, the Veterans Reopened Insurance Fund, the Armed
Forces Retirement Home Fund, and the Court of Veteran Appeals
Retirement Fund.
(c) Redeem a debt obligation held by an intragovernmental
fund with the purpose of assisting Americans during a natural
disaster, including reserves for the National Flood Insurance
Program and other disaster relief funds appropriated to the
President.
(d) Make a payment of debt obligations to the Department of
Defense, including civilian and uniformed personnel (Army,
Navy, Marines, Air Force), military active pay and military
retirement benefits, and military benefits to their families.
SEC. 3. REPORT ON CERTAIN ACTIONS.
(1) In general, after the date of the enactment of this Act, the
Secretary of Treasury exercises his or her authority under subsection
(a), the Secretary shall thereafter submit a report each week to
Congress on the payments issued and amount of revenues incoming and
remaining reserves for upcoming payments issued.
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Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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