ENOUGH FEDERAL REVENUE TO COVER SOCIAL SECURITY, MEDICARE, MEDICAID, VETERANS, MILITARY PAY AND OTHER PRIORITIES

Washington, Jul 26 -

"Although I have voted to increase the federal debt limit, the federal government takes in enough revenue to cover many of the nation's priorities without an increase in the debt limit," said Rep. Cliff Stearns (R-Sixth). Stearns cited a study by the Bipartisan Policy Center. "According to this study, the federal government will take in $172.4 billion for the month of August after August 2nd, enough to pay our debt obligations while also fully covering Social Security, Medicare, Medicaid, Veterans Affairs, military pay, Homeland Security, the Justice Department, and other programs. However, approving a reduction in federal spending and an increase the debt limit is the best course for our nation."

Stearns is a cosponsor of H.R. 421, the Full Faith and Credit Act, which would prevent a default on our debt obligations by requiring the Department of the Treasury to pay the principal and interest on public debt over all other obligations incurred by the government if the debt limit is reached. He also is a cosponsor of H.R. 2402, the Prioritize Spending Act, which would also require the payment of debt obligations while also providing for the payment of Social Security and Medicare benefits, and the pay allowances for the military.

For an interactive review of the available money, go to Bloomberg Government at the site below and you can see the programs that can be covered without a debt limit increase.

http://about.bgov.com/2011/07/12/august-invoices-show-u-s-treasury%E2%80%99s-limited-choices/