Congressman Steve King and Republican presidential candidate Michele Bachmann, his best friend in congress, have unveiled a bill they say will ensure the government would pay the interest on the debt and pay the nation’s active and retired soldiers first if there’s an impasse over the so-called debt ceiling.
“We want to make sure that we keep our promises,” King says. Bachmann has repeatedly vowed to vote against raising the debt ceiling and she accuses President Obama of using “scare tactics” by suggesting there’s no guarantee Social Security checks will be issued in August if congress doesn’t raise the nation’s debt limit.
“We were all shocked and appauled that President Obama dangled out in front of the cameras that senior citizens may not get their checks. That’s a very dangerous statement to make,” Bachmann said. “We don’t believe that for a moment.” The legislation Bachmann and King propose would put institutions that hold U.S. government debt and individuals who hold U.S. Treasury notes at the front of the line to get paid if the government gets in deep financial problems.
“It ensures that we keep our credit and our bond rating by paying and servicing our debts first,” King says. King and Bachmann argue the Social Security Trust Fund has enough money to pay Social Security benefits in August. The two Republicans made their comments Wednesday during a news conference in Washington, D.C.