text: SECTION 1. TIMELY PAYMENT OF SOCIAL SECURITY BENEFITS IF STATUTORY DEBT 
                LIMIT IS REACHED.
  
      (a) In General.--Section 1145 of the Social Security Act (42 U.S.C. 
  1320b-15) is amended--
              (1) by redesignating subsections (b) and (c) as subsections 
          (c) and (d), respectively; and
              (2) by inserting after subsection (a) the following new 
          subsection:
      ``(b) Timely Payment of Benefits if Statutory Debt Limit Is 
  Reached.--
              ``(1) Disinvestment of fund to make current benefit 
          payments.--For the purpose of making payment of cash benefits 
          or administrative expenses during any debt limit default 
          period, public debt obligations held by the applicable Federal 
          fund shall be sold or redeemed in an amount not to exceed the 
          sum of--
                      ``(A) the face amount of obligations held by such 
                  fund which mature during such month; plus
                      ``(B) the amount necessary only for the purpose of 
                  making payment of such benefits or administrative 
                  expenses and only to the extent cash assets of the 
                  applicable Federal fund are not available during such 
                  period for making payment of such benefits or 
                  administrative expenses.
              ``(2) Issuance of corresponding debt.--For purposes of 
          undertaking the sale or redemption of public debt obligations 
          held by the applicable Federal fund pursuant to paragraph (1), 
          the Secretary of the Treasury shall issue corresponding public 
          debt obligations to the public in order to obtain the amounts 
          necessary for payment of benefits or administrative expenses 
          from the applicable Federal fund, notwithstanding the public 
          debt limit.
              ``(3) Definitions.--For purposes of this subsection--
                      ``(A) Debt limit default period.--The term `debt 
                  limit default period' means a period for which cash 
                  benefits or administrative expenses would not otherwise 
                  be payable from the applicable Federal fund by reason 
                  of an inability to issue further public debt 
                  obligations because of the public debt limit.
                      ``(B) Applicable federal fund.--The term 
                  `applicable Federal fund' means a Federal fund 
                  specified in paragraph (1) or (2) of subsection (d).''.
      (b) Conforming Amendments.--
              (1) Section 1145 of the Social Security Act, as amended by 
          subsection (a), is amended--
                      (A) by redesignating subsection (d) as subsection 
                  (e), and
                      (B) by inserting after subsection (c) the following 
                  new subsection:
      ``(d) Public Debt Limit.--For purposes of this section, the term 
  `public debt limit' means the limitation established under section 3101 
  of title 31, United States Code, as increased under section 3101A of 
  such title.''.
              (2) Section 1145(c) of the Social Security Act, as amended 
          by subsection (a), is amended by striking ``established under 
          section 3101 of title 31, United States Code''.
  
  SEC. 2. PRIORITIZATION OF PAYMENTS IN EVENT THAT STATUTORY DEBT LIMIT 
                IS REACHED.
  
      Section 3101 of title 31, United States Code, is amended by adding 
  at the end the following new subsection:
      ``(d) In the event that the Secretary of the Treasury is not able 
  to issue obligations to make all payments authorized by law due to the 
  limitation under subsection (b) (as increased under section 3101A), the 
  Secretary shall give equal priority to the following: payments of 
  principal and interest on public debt; payments of amounts that the 
  Secretary of Defense (and the Secretary of Homeland Security in the 
  case of the Coast Guard) determines to be necessary to continue pay and 
  allowances (without interruption) to the Army, Navy, Air Force, Marine 
  Corps, and Coast Guard, including reserve components thereof, who 
  perform active service; payments determined by the President (and 
  reported to the Congress) to be necessary to continue United States 
  priorities of its vital national security interests; and payments for 
  items and services under title XVIII of the Social Security Act 
  (relating to Medicare).''.
  
  SEC. 3. CONTINUANCE OF MILITARY PAY AND ALLOWANCES DURING PERIODS OF 
                LAPSED APPROPRIATIONS.
  
      (a) Continuance of Pay.--Chapter 19 of title 37, United States 
  Code, is amended by adding at the end the following new section:
  
  ``SEC. 1015. CONTINUANCE OF PAY AND ALLOWANCES DURING PERIODS OF LAPSED 
                APPROPRIATIONS.
  
      ``(a) Definitions.--In this section:
              ``(1) The term `military personnel accounts' means the 
          military personnel, reserve personnel, and National Guard 
          personnel accounts of the Department of Defense, generally 
          title I of an annual Department of Defense appropriations Act, 
          and the corresponding accounts for the Department of Homeland 
          Security used to provide pay and allowances for members of the 
          Coast Guard.
              ``(2) The term `pay and allowances' means basic pay, 
          bonuses and special pay, allowances and any other forms of 
          compensation available for members of the armed forces under 
          this title or otherwise paid from the military personnel 
          accounts.
              ``(3) The term `period of lapsed appropriations', when used 
          with respect to members of the armed forces, means any period 
          during which appropriations are not available due to the 
          absence of the timely enactment of any Act or joint resolution 
          (including any Act or joint resolution making continuing 
          appropriations) appropriating funds for the payment of the pay 
          and allowances of members of the armed forces.
      ``(b) Appropriation of Funds To Continue Payment of Pay and 
  Allowances.--For any period of lapsed appropriations, there are 
  appropriated, out of any moneys in the Treasury not otherwise 
  appropriated, to the Secretary of Defense (and the Secretary of 
  Homeland Security in the case of the Coast Guard) to allow the 
  Secretary of Defense (and the Secretary of Homeland Security in the 
  case of the Coast Guard) to continue to provide pay and allowances 
  (without interruption) to members of the United States armed forces.
      ``(c) Limitation on Amounts Paid.--This section only authorizes the 
  expenditure of funds during a period of lapsed appropriations for the 
  pay and allowances of a member of the armed forces at a rate that is 
  equal to the rate in effect for that member immediately before the 
  start of the period of lapsed appropriations. The rate for a member may 
  neither exceed the rate in effect immediately before the start of the 
  period of lapsed appropriations nor be less than that rate, unless 
  reduced by disciplinary action under the Uniform Code of Military 
  Justice.
      ``(d) Relation to Other Pay Authorities.--This section shall not be 
  construed to affect the entitlement of a member of the armed forces to 
  an amount of pay and allowances that exceeds the amount of pay and 
  allowances authorized to be paid under this section and to which the 
  member becomes entitled under other applicable provisions of law.
      ``(e) Effect of End of Period of Lapsed Appropriations.--
  Expenditures made for any fiscal year pursuant to this section shall be 
  charged to the applicable appropriation, fund, or authorization 
  whenever the regular appropriation bill (or other bill or joint 
  resolution making continuing appropriations through the end of the 
  fiscal year) becomes law.''.
      (b) Clerical Amendment.--The table of sections at the beginning of 
  such chapter is amended by adding at the end the following new item:
  
  ``1015. Continuance of pay and allowances during periods of lapsed 
                              appropriations.''.
target: Amends title XI (General Provisions) of the Social Security Act with respect to the payment of cash benefits or administrative expenses from the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund (applicable federal funds) during any debt limit default period. Requires that during a debt limit default period public debt obligations held by the applicable federal fund be sold or redeemed in an amount not to exceed the sum of: (1) the face amount of obligations held by the fund which mature during the month in question; plus (2) the amount necessary only to pay such benefits or administrative expenses, and only to the extent cash assets of the fund are not available during that period to make such payments. Directs the Secretary of the Treasury, in order to undertake the sale or redemption of public debt obligations held by the applicable federal fund, to issue corresponding public debt obligations to the public in order to obtain the amounts necessary to make such payments, notwithstanding the public debt limit. Declares that, in the event that the Secretary is not able to issue obligations to make all authorized payments because the public debt limit has been reached, the Secretary shall give equal priority to the following: (1) payments of principal and interest on public debt; (2) payments of amounts that the Secretary of Defense (DOD) (and the Secretary of Homeland Security [DHS] in the case of the Coast Guard) determines to be necessary to continue pay and allowances (without interruption) to the Army, Navy, Air Force, Marine Corps, and Coast Guard, including their reserve components, who perform active service; (3) payments determined by the President (and reported to the Congress) to be necessary to continue U.S. priorities of its vital national security interests; and (4) payments for items and services under SSA title XVIII (Medicare). Makes appropriations, for any period of lapsed appropriations, out of any moneys in the Treasury not otherwise appropriated, to the Secretary of Defense (and the Secretary of Homeland Security in the case of the Coast Guard) to continue to provide pay and allowances (without interruption) to members of the U.S. armed forces.
feat_title: To direct the Secretary of the Treasury to ensure that social security benefits are paid, to prioritize payments when the United States is not able to issue new obligations due to the statutory debt limit, and to address a lapse in appropriations to fund the Armed Forces.