Section 1 Short title
This Act may be cited as the “Transparency on Prioritizing Spending Act”.
Transparency on Prioritizing Spending Act
A BILL
To provide that the President shall submit to Congress a report detailing the priority of Federal spending if the statutory debt limit is reached, and for other purposes.
Sec. 2 Priority of spending if the debt ceiling is reached
Not later than 30 days after the date of enactment of this Act, the President shall submit to Congress a report listing, in descending order of prioritization, which obligations of the United States Government will be paid in the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit.