Section 1 Short title
This Act may be cited as the “Protecting Social Security and Medicare Act”.
Protecting Social Security and Medicare Act
A BILL
To authorize the Secretary of the Treasury to issue obligations to make Medicare and Social Security payments, despite the debt limit being reached.
Sec. 2 Social Security and Medicare programs and the debt limit
Finding— Congress finds that Social Security and Medicare beneficiaries should be assured that their benefits will be paid in full and on time.
Exemption— Section 3101 of title 31, United States Code, is amended—
in subsection (b), by striking “The face” and inserting “Subject to subsection (d), the face”; and
by adding at the end the following:
“(d)
“(1) If the face value of the amount of obligations described in subsection (b) reaches the limit on such obligations under subsection (b), to the extent necessary to make timely payment of the full amount of benefits authorized under the Medicare program established under title XVIII of the Social Security Act (42 U.S.C. 1395 et seq.) or the old-age, survivors, and disability insurance benefits program established under title II of the Social Security Act (42 U.S.C. 401 et seq.) the Secretary of the Treasury may issue obligations under this chapter.
“(2) With respect to each instance in which the Secretary of the Treasury begins issuing obligations in accordance with paragraph (1), the face value of such obligations issued during such instance shall not be taken into account in determining the face value of obligations for purposes of subsection (b) during the period—
“(A) beginning on the date on which the Secretary began issuing obligations in accordance with paragraph (1) during such instance; and
“(B) ending on the day after the date of enactment of the first law enacted after the date described in subparagraph (A) increasing the limit under subsection (b).”