To specify the priority of the obligations of the United States Government if the debt ceiling is reached, to provide for an emergency appropriation of funds to pay for certain defense and national security obligations during a gap in funding, and for other purposes.

Sets forth the priority of the payment of obligations incurred by the U.S. government in the event that U.S. debt reaches the statutory limit.

Limits certain obligations for specified departments, agencies, international organizations, and funds to 20% of the amount that would have been made available to satisfy such obligations if such limit had not been reached.

Directs the Secretary of the Treasury, during any funding gap, to make emergency appropriations: (1) to continue to provide pay and allowances (without interruption) to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including the reserve components thereof, who perform active service; and (2) for such amounts as the President certifies to Congress as are necessary to carry out vital national security priorities.

Requires the President to submit a specified prioritization report to Congress.