Sen. Toomey Proposes Prioritization Of US Payments In Event Of Debt Ceiling Impasse
WASHINGTON, D.C. (CBS) – US senator Pat Toomey (R-Pa.) says he’s still pushing for a hike in the nation’s debt limit with appropriate budget cuts, but he’s introduced a bill to prioritize spending in the event the debt ceiling is reached on August 2nd (see related story).
In a televised press conference today, Toomey said his bill would first require payments for interest on government debt, then Social Security payments and military salaries.
He estimates that from August 3rd through 31st the government would take in more than $173 billion and these obligations total about $81 billion.
Reported by John Ostapkovich, KYW Newsradio 1060