House bill would authorize debt prioritization

05/10/2013 | Politico (Washington, D.C.)

A bill passed in the House would authorize the Treasury Department to prioritize payments to bondholders if the government were to reach its debt limit. The bill is considered to have little chance of passing the Senate, and the White House has threatened to veto any such bill. "The president has been crystal clear, the era of anyone threatening default has to be over," said Gene Sperling, director of the National Economic Council.

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