Last week, the House passed a bill that would require bondholders and Social Security beneficiaries to be paid first in case of a failure to raise the ceiling on the national debt later this summer.
While the bill passed, there’s doubt it will get past the Democratic majority in the Senate; the White House has already promised to veto it. Even if this legislation doesn’t make it farther than the House of Representatives, it is stimulating debate about the real issue behind it — the national debt crisis.
... While the House and Senate wrestle with these issues on a national level, there’s a personal application for the problem of debt management. There may be times you’re over your head in debt and face the decision of who to pay first or, even worse, who not to pay at all.
... When you’re facing debt on every side, who do you pay first?