Vote Smart's Synopsis:

Vote to pass a bill that requires the Department of the Treasury to continue borrowing money to pay the principal and interest on certain obligations if the debt of the United States exceeds the statutory limit.

Highlights:

• Requires the Department of the Treasury to continue to borrow to pay the principal and interest on certain obligations if the debt of the United States exceeds the statutory limit (Sec. 2).
• Specifies that if the debt limit is exceeded, the Department of the Treasury is required to issue obligations solely for the payment of the principal and interest on debt held by the public or the Social Security trust funds (Sec. 2). 
• Prohibits the Department of the Treasury from using obligations issued under this bill to compensate members of Congress (Sec. 2).
• Specifies that if the Treasury exercises authority provided by this bill, a report must be submitted to Congress including an accounting of the following (Sec. 2):
• The principal on mature obligations and interest that is due or accrued, and
• Obligations issued under this bill.

Full Bill Text

Full Bill Text