And many families also keep a sizable amount of money in their savings account or continue to put money into their 401(k)s, while still carrying thousands of dollars in credit-card debt--even though dipping into savings and paying off their credit-card bills would guarantee them an immediate return on investment of 15% or 18%.

FORBES: Bitter Money And Christmas Clubs

Mr Davey told BBC News he couldn't guarantee all customers would see their bills cut, but the majority of people would benefit and it would be "easier" to get lower bills.

BBC: Ed Davey announces 'four core tariff' plan

Democrats opposing the legislation said it would guarantee a downgrade of the debt by suggesting the nation would be willing to pay some of its bills and not others.

NPR: House Passes Bill To Prioritize US Debt Payments