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China is not the only beneficiary at the expense of the American people. The bill would require the U.S. Treasury to pay all foreign countries and financial institutions ahead of domestic investors, banks and citizens of America. China just happens to be by far the largest foreign holder of American debt.
"I intend to introduce legislation that would require the Treasury to make interest payments on our debt its first priority in the event that the debt ceiling is not raised," Sen. Pat Toomey (R-PA) wrote in a Friday Wall Street Journalop-ed, attempting to paint it as the fiscally prudent thing to do.
Despite the absurdity of the legislation, it is gaining some support among lawmakers - mainly freshman Republicans with ties to the Tea Party. So far, the bill has garnered 18 co-sponsors in the Senate and a similar version in the House has 15 Republicans signed on.