Protecting Social Security and Medicare Act

This bill creates a specific exemption to prevent Social Security and Medicare payments from being delayed when the federal debt limit is reached. It allows the Treasury Secretary to issue new debt obligations solely to cover full Social Security and Medicare benefits without counting those new obligations against the existing debt limit. This directly affects millions of beneficiaries who rely on these programs for retirement, disability, and healthcare payments. The exemption remains in effect until Congress passes a new law that increases the overall debt limit.