Full Faith and Credit Act

This bill requires the U.S. government to prioritize payments for Social Security benefits, military pay, veterans' benefits, Medicare, and debt held by the public if the national debt reaches its legal limit. It mandates that the Treasury automatically increase the debt ceiling by the amount needed to cover these priority payments during any two-week period where revenue would otherwise fall short. The law directly affects Social Security recipients, active-duty military personnel, veterans, Medicare beneficiaries, and holders of U.S. Treasury debt. Key provisions include automatic debt limit adjustments based on revenue projections and holding excess funds for future payment periods. The bill aims to prevent default on these critical obligations without requiring new congressional action during debt limit crises.