Pay America First Act - Makes this Act effective if the federal government defaults on its legal obligations for the first time in its history, as evidenced by one or more of certain actions taken by the Secretary of the Treasury.

Counts among such actions withholding from making payments of debt obligations to foreign bond holders, including those in China, Iran, and the Cayman Islands, before:

• making a payment of a debt obligation to the Social Security and Medicare trust funds or redeeming a debt obligation held by those trust funds;
• redeeming a debt obligation held by a trust fund providing veterans benefits, including the Veterans Special Life Insurance Fund, the Veterans Reopened Insurance Fund, the Armed Forces Retirement Home Fund, and the Court of Veteran Appeals Retirement Fund;
• redeeming a debt obligation held by an intragovernmental fund to assist Americans during a natural disaster, including reserves for the National Flood Insurance Program and other disaster relief funds appropriated to the President; or
• making a payment of debt obligations to the Department of Defense (DOD), including civilian and uniformed personnel (Army, Navy, Marines, Air Force), military active pay and military retirement benefits, and military benefits to their families.

Requires the Secretary, after exercising such authority, to report each week to Congress on the payments issued and amount of revenues incoming and remaining reserves for upcoming payments issued.