This afternoon, Sen. Rand Paul introduced the Default Prevention Act, which would require the President to prioritize federal revenue to interest on the national debt. Since the current debt limit was reached on Dec. 31, 2012, it is expected that the extraordinary measures the U.S. Treasury has taken to continue funding the government will be exhausted before March.
In order to remove any chance of government default, Sen. Paul's legislation spells out which government-funded programs should be held at the highest priority to continue funding, while paying down the interest and principal on debt held by the public.
"Some of my Republican colleagues in the House have decided to surrender to the Democrats' annual plan to increase the debt ceiling. I believe we should stand and fight for a Balanced Budget Amendment to the Constitution before we raise the debt ceiling. My legislation takes the possibility of default off the table so we can continue to push for fiscal restraint. There is no reason the government would - or should - responsibly consider the idea of default," Sen. Paul said.