S.163 - Full Faith and Credit Act

A bill 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 (3)

All Bill Titles

  • Popular: Full Faith and Credit Act as introduced.
  • Official: A bill 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
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/25/11
 
 
 
 
 
 
 

Sponsor

Senator

Patrick Toomey

R-PA

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Official Summary

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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