,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #fbc  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #bh1 #bjai,mr4
 ,paul introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to provide guidance
 & priorities = ,f$]al ,gov]nm5t        
obligations 9 ! ev5t t ! debt limit is  
rea*$ & to provide a limit$ & tempor>y  
au?ority to exce$ ! debt limit =        
priority obligations4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,default      
,prev5tion ,act4  #b4 ,prioritiz+       
obligations  7a7 ,9 g5]al ,9 ! ev5t t ! 
debt ( ! ,gov]nm5t ( ! ,unit$ ,/ates    
rea*es ! /atutory limit "u section #caja
 ( title #ca1 ,unit$ ,/ates ,code1 !    
foll[+ exp5ditures %all be grant$       
priority ov] all o!r obligations incurr$
 by ! ,gov]nm5t ( ! ,unit$ ,/ates3  7#a7
 ,! au?ority ( ! ,dep>tm5t ( ! ,treasury
 provid$ 9 section #cabc ( title #ca1   
,unit$ ,/ates ,code1 to pay ) legal t5d]
 ! pr9cipal & int]e/ on debt held by !  
public4  7#b7 ,! full paym5t (          

comp5sation1 all[ances1 & b5efits =     
memb]s ( ! ,arm$ ,=ces on active duty4  
7#c7 ,! au?ority ( ! ,commission] (     
,social ,security to pay mon?ly old-age 
survivors' & disability insurance       
b5efits "u title ,,ii ( ! ,social       
,security ,act4  7#d7 ,! au?ority ( !   
,secret>y ( ,heal? & ,human ,s]vices to 
make paym5ts = items & s]vices furni%$  
to b5efici>ies "u ! ,m$ic>e program "u  
title ,,xviii ( ! ,social ,security ,act
 & relat$ provisions4  7#e7 ,all        
obligations "u any program adm9i/]$ by !
 ,dep>tm5t ( ,vet]ans ,affairs4  7b7    
,au?ority ,to issue additional debt =   
priority obligations  7#a7 ,9 g5]al ,!  
,secret>y ( ! ,treasury may issue       
obligations subject to limit "u section 
#caja ( title #ca1 ,unit$ ,/ates ,code1 
9 an am\nt 9 excess ( ! limit "u su*    
section--  7,a7 dur+ ! #cj-;day p]iod   
beg9n+ on ! date on :i* ! ,unit$ ,/ates 
is unable to use rev5ues or !           
extraord9>y measures describ$ 9 p>agraph
 7#b7 to fully pay obligations ( !      

,gov]nm5t ( ! ,unit$ ,/ates describ$ 9  
subsection 7a7 at ! "t !y are due2  7,b7
 only to ! ext5t necess>y to make timely
 paym5t on obligations ( ! ,gov]nm5t ( !
 ,unit$ ,/ates describ$ 9 subsection    
7a72 &  7,c7 if ! ,secret>y provides to 
,congress notice ( ! ex]cise ( !        
au?ority "u ?is subsection4  7#b7       
,extraord9>y measures ,! extraord9>y    
measures describ$ 9 ?is p>agraph are !  
foll[+3 7,a7 ,! au?ority "u subsections 
7j71 7k71 & 7l7 ( section #hcdh ( title 
#e1 ,unit$ ,/ates ,code4  7,b7 ,!       
au?ority "u subsections 7g7 & 7h7 (     
section #hdch ( title #e1 ,unit$ ,/ates 
,code4  7,c7 ,! susp5sion ( inve/+      
am\nts 9 ! /abilization fund "u section 
#ecjb7;a77#a7 ( title #ca1 ,unit$ ,/ates
 ,code4  7,d7 ,! susp5sion ( inve/+ (   
am\nts or ! issuance ( obligations = any
 o!r fund or acc\nt = purposes ( prev5t+
 ! am\nt ( obligations subject to limit 
"u section #caja ( title #ca1 ,unit$    
,/ates ,code1 f exce$+ su* limit4