House Passes GOP Debt Prioritization Bill

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The House of Representatives on Thursday passed legislation to prioritize debt payments to creditors and Social Security recipients if the debt ceiling is reached before Congress raises it.

The 221-207 vote broke down along party lines — all the votes in the bill’s favor came from Republicans. Eight Republicans joined 199 Democrats in voting against it.

“Today, the House took an important step to ensure our commitment to paying down our debt and getting our fiscal house in order,” said House Majority Leader Eric Cantor (R-VA). “While this does not fix all our budget problems, the Full Faith and Credit Act removes the threat of default and requires the Treasury to make good on its debt payments.”

Sen. Patty Murray (D-WA), the chairman of the Budget Committee, said the bill is going nowhere in the Senate.

“Instead of working with us to avoid another manufactured crisis, House Republicans now seem like they are actively working to drive us toward one,” Murray said. “The bill the House passed today would put foreign creditors ahead of American seniors, veterans, students, and small business owners—and it would do nothing to ease the economic harm and uncertainty caused by a new round of Republican brinksmanship. The President has said he would veto this bill and it is a nonstarter in the Senate.”

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