118th Congress Economics and Public Finance
S. 82: Full Faith and Credit Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires the Department of the Treasury to prioritize certain obligations if the federal debt limit is reached and provides for a limited increase in the debt limit to fund these priorities.
If the federal government reaches the debt limit, the following obligations must be given equal priority over all other federal obligations:
- the principal and interest on the debt held by the public;
- Social Security benefits;
- pay and allowances for members of the Armed Forces on active duty and members of the U.S. Coast Guard;
- compensation, pensions, and payments for medical services provided by the Department of Veterans Affairs, and
- the Medicare programs.
Read the full summary
If the debt limit has been reached and incoming revenue will be insufficient to pay the priority obligations over an upcoming two-week period, the bill requires (1) Treasury to notify Congress of the expected revenue shortfall for the two-week period, and (2) the debt limit to be increased by the amount of the expected shortfall.
If the incoming revenue exceeds the expected shortfall, the excess revenue must be held in reserve and applied to the following two-week period.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Marsha Blackburn R-TNOriginal
- Ted Budd R-NCOriginal
- Mike Braun R-INOriginal
- Katie Britt R-ALOriginal
- Kevin Cramer R-NDOriginal
- Ron Johnson R-WIOriginal
- Cynthia Lummis R-WYOriginal
- Mike Lee R-UTOriginal
- James Risch R-IDOriginal
- John Barrasso R-WY
- Rand Paul R-KY
- Ted Cruz R-TX
- Tim Scott R-SC
Who scored on this bill
No member has earned points from it yet.
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Rick Scott
- S. 3788: CLEAR LABELS Act
- S. 1383: SAVE America Act
- S. 2314: SHARKED Act of 2025
- S.J.Res. 102: Disapproving the action of the District of Columbia Council in approving the D.C. Income and Franchise Tax Conformity and Revision Temporary Amendment Act of 2025
- S. 673: Miccosukee Reserved Area Amendments Act
- S. 310: Disaster Contract Improvement Act
History
- Introduced in the Senate by Rick Scott.
Show the full action history (3 actions)
- Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 6.
- Introduced in Senate
- Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.