H.R.807 - 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 (4)

All Bill Titles

  • 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.
  • Short: Full Faith and Credit Act as reported to house.
  • Short: Full Faith and Credit Act as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
02/24/13
 
05/09/13
 
 
 
 
 

Sponsor

Representative

Tom McClintock

R-CA

View Co-Sponsors (106)
 

Latest Vote

Result: Passed - May 09, 2013

Roll call number 142 in the House

Question: On Passage: H R 807 To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached

 

Official Summary

Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-

Official Summary

Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act. Prohibits:
(1) the use of the issued obligations to pay compensation for Members of Congress, and
(2) these obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded. Requires the Secretary, if such authority is exercised after enactment of this Act, to report to specified congressional committees each week the authority is in use and provide an accounting of:
(1) the principal on mature obligations and interest due or accrued by the United States, and
(2) any obligations issued pursuant to this Act.

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Organizations Supporting H.R.807

  • Temecula Valley Republican Women Federated
  • Let Freedom Ring
  • Club for Growth
  • Heritage Foundation
  • Cost Of Goverment Center
  • Americans for Prosperity
  • ...and 5 more. See all.

Organizations Opposing H.R.807

  • American Federation of State, County and Municipal Employees
  • National Education Association




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