1. Short title This Act may be cited as the Protecting American Benefits Act . 2. Social Security and Medicare programs, veterans disability benefits, military benefits, and the debt limit Section 3101 of title 31, United States Code, is amended— (1) in subsection (b), by striking The face and inserting Subject to subsection (d), the face ; and (2) by adding at the end the following: (d) (1) If the face value of the amount of obligations described in subsection (b) reaches the limit on such obligations under subsection (b), the Secretary may issue obligations under this chapter to the extent necessary to make timely payment of the full amount of— (A) benefits authorized under the Medicare program established under title XVIII of the Social Security Act ( 42 U.S.C. 1395 et seq. ) or the old-age, survivors, and disability insurance benefits program established under title II of the Social Security Act ( 42 U.S.C. 401 et seq. ), (B) benefits administered by the Secretary of Veterans Affairs to which an individual is entitled on the basis of a service-connected death or disability, and (C) pay for members of the armed forces under title 37, United States Code. (2) With respect to each instance in which the Secretary of the Treasury begins issuing obligations in accordance with paragraph (1), the face value of such obligations issued during such instance shall not be taken into account in determining the face value of obligations for purposes of subsection (b) during the period— (A) beginning on the date on which the Secretary began issuing obligations in accordance with paragraph (1) during such instance; and (B) ending on the day after the date of enactment of the first law enacted after the date described in subparagraph (A) increasing the limit under subsection (b). .