Senator Pat Toomey said he disagreed with strong White House opposition to legislation to set top priorities for government payments after this month’s expiration of the debt ceiling extension.
Toomey vowed to push for action on his own alternative to the prioritization proposal (HR 807) that passed the House 221-207 on Thursday. The White House threatened to veto that measure, sponsored by GOP Rep. Tom McClintock of California, which requires the government to cover two priorities: U.S. bondholders, and the Social Security trust funds, which hold Treasury bonds.
Toomey’s bill would go beyond that by including military salaries and making the guarantee of Social Security payments to beneficiaries explicit.
“I think we should do it,” Toomey said. “I like my version better. I think it would be constructive.”
The GOP moves in the House and Senate are aimed at minimizing Wall Street concerns about a default in case of an impasse — and at taking leverage away from Democrats who pointed to mounting worries in the business world during the 2011 showdown over the debt ceiling.
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