Today U.S. Senator Josh Hawley (R-Mo.) introduced the Keep Our Promises Act to exempt Social Security and Medicare from the debt ceiling.
Social Security and Medicare beneficiaries must be confident that their benefits will be paid in full and on time. Senator Hawley’s legislation will ensure these programs are never used as leverage in negotiations over the debt limit.
“Social Security and Medicare are not bargaining chips. These are promises we’ve made to the American people, and we must not break them,” said Senator Hawley.
The Keep Our Promises Act would:
- Exempt Social Security and Medicare from the statutory debt limit.
- Authorize the Treasury Department, when the statutory debt limit is reached, to issue as much additional debt as necessary to fully fund Social Security and Medicare and disperse on-time benefits to America’s seniors.
- Permit the Treasury Department to use this authority in all future debt limit episodes, thereby permanently insulating Social Security and Medicare from any impact of a debt ceiling standoff.
View bill text here.