Bill would define priority spending if debt ceiling isn’t raised

The latest news from the negotiations between President Barack Obama and federal lawmakers over the federal debt limit is hardly encouraging, and while there’s still time, legislation offered by one Central Florida lawmaker offers a contingency plan for a worst-case scenario. #

A bill by freshman Rep. Daniel Webster, R-Orlando, the “Prioritize Spending Act of 2011,” would prioritize federal spending with the revenue the government has coming in. #

The top priority would be to keep paying off the national debt to avoid default. After that, his legislation calls for funding salaries and benefits for the military, “such amounts as the President certifies to the Congress are necessary to carry out vital national security priorities,” and payments for Social Security and Medicare. #

This FAQ from Webster’s office estimates that after meeting those obligations, there should be some money left over, perhaps $30 billion a month on average. In a statement, he says he remains “hopeful” the situation won’t come to that. #

Fellow Florida Republicans Bill Posey, Richard Nugent and Dennis Ross have signed on as cosponsors. #