H.R.421 - Full Faith and Credit Act

To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached. view all titles (2)

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  • Official: To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached. as introduced.
  • Short: Full Faith and Credit Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/24/11
 
 
 
 
 
 
 

Official Bill Text Comment on about 1 Pages

Sponsor

Representative

Tom McClintock

R-CA

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OpenCongress Summary

Requires the government to make payments to investors, like foreign countries and financial companies, before all other areas of the budget if the statutory debt limit is ever surpassed.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

1/25/2011--Introduced.Full Faith and Credit Act - Requires the authority of the Department of the Treasury to pay the principal and interest on debt held by the public to take priority over all other obligations incurred by the government in the event the federal debt reaches the statutory limit.




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