To require that the Government give priority to payment of all obligations on the debt held by the public and payment of Social Security benefits in the event that the debt limit is reached.

Requires the authority of the Department of the Treasury to pay the principal and interest on debt held by the public, and the authority of the Commissioner of Social Security to pay monthly old-age, survivors', and disability insurance benefits under title II of the Social Security Act, to take priority over all other obligations incurred by the government in the event the federal debt reaches the statutory limit.