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    Full Faith and Credit Act Authenticated PDF

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    Lexu
    This bill, called the Full Faith and Credit Act, requires the Treasury Secretary to issue debt to pay principal and interest on existing U.S. debt obligations if the debt limit is reached. Specifically, it prioritizes payments on debt held by the public and in the Social Security and Medicare trust funds. Any new debt issued would not count toward the debt limit. The Secretary must also report weekly on payments of principal, interest, and any new debt issued.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Full Faith and Credit Act Authenticated PDF

    Uploaded by

    Lexu
    543 views4 pages
    This bill, called the Full Faith and Credit Act, requires the Treasury Secretary to issue debt to pay principal and interest on existing U.S. debt obligations if the debt limit is reached. Specifically, it prioritizes payments on debt held by the public and in the Social Security and Medicare trust funds. Any new debt issued would not count toward the debt limit. The Secretary must also report weekly on payments of principal, interest, and any new debt issued.

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    Full Faith and Credit act authenticated.pdf

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    This bill, called the Full Faith and Credit Act, requires the Treasury Secretary to issue debt to pay principal and interest on existing U.S. debt obligations if the debt limit is reached. Specifically, it prioritizes payments on debt held by the public and in the Social Security and Medicare trust funds. Any new debt issued would not count toward the debt limit. The Secretary must also report weekly on payments of principal, interest, and any new debt issued.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    543 views4 pages

    Full Faith and Credit Act Authenticated PDF

    Uploaded by

    Lexu
    This bill, called the Full Faith and Credit Act, requires the Treasury Secretary to issue debt to pay principal and interest on existing U.S. debt obligations if the debt limit is reached. Specifically, it prioritizes payments on debt held by the public and in the Social Security and Medicare trust funds. Any new debt issued would not count toward the debt limit. The Secretary must also report weekly on payments of principal, interest, and any new debt issued.

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    © All Rights Reserved
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    You are on page 1of 4

    IIB

    113TH CONGRESS
    1ST SESSION
    H. R. 807

    IN THE SENATE OF THE UNITED STATES


    MAY 13, 2013
    Received; read twice and referred to the Committee on Finance

    AN 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.

    1 Be it enacted by the Senate and House of Representa-


    2 tives of the United States of America in Congress assembled,
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    2
    1 SECTION 1. SHORT TITLE.

    2 This Act may be cited as the ‘‘Full Faith and Credit


    3 Act’’.
    4 SEC. 2. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC

    5 DEBT AND SOCIAL SECURITY TRUST FUNDS.

    6 (a) IN GENERAL.—In the event that the debt of the


    7 United States Government, as defined in section 3101 of
    8 title 31, United States Code, reaches the statutory limit,
    9 the Secretary of the Treasury shall, in addition to any
    10 other authority provided by law, issue obligations under
    11 chapter 31 of title 31, United States Code, to pay with
    12 legal tender, and solely for the purpose of paying, the prin-
    13 cipal and interest on obligations of the United States de-
    14 scribed in subsection (b) after the date of the enactment
    15 of this Act.
    16 (b) OBLIGATIONS DESCRIBED.—For purposes of this
    17 subsection, obligations described in this subsection are ob-
    18 ligations which are—
    19 (1) held by the public, or
    20 (2) held by the Old-Age and Survivors Insur-
    21 ance Trust Fund and Disability Insurance Trust
    22 Fund.
    23 (c) PROHIBITION ON COMPENSATION FOR MEMBERS
    24 CONGRESS.—None of the obligations issued under sub-
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    OF

    25 section (a) may be used to pay compensation for Members


    26 of Congress.
    HR 807 RFS

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    3
    1 (d) OBLIGATIONS EXEMPT FROM PUBLIC DEBT
    2 LIMIT.—Obligations issued under subsection (a) shall not
    3 be taken into account in applying the limitation in section
    4 3101(b) of title 31, United States Code, to the extent that
    5 such obligation would otherwise cause the limitation in
    6 section 3101(b) of title 31, United States Code, to be ex-
    7 ceeded.
    8 (e) REPORT ON CERTAIN ACTIONS.—
    9 (1) IN GENERAL.—If, after the date of the en-
    10 actment of this Act, the Secretary of the Treasury
    11 exercises his authority under subsection (a), the Sec-
    12 retary shall thereafter submit a report each week the
    13 authority is in use providing an accounting relating
    14 to—
    15 (A) the principal on mature obligations
    16 and interest that is due or accrued of the
    17 United States, and
    18 (B) any obligations issued pursuant to
    19 subsection (a).
    20 (2) SUBMISSION.—The report required by para-
    21 graph (1) shall be submitted to the Committee on
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    4
    1 Ways and Means of the House of Representatives
    2 and the Committee on Finance of the Senate.
    Passed the House of Representatives May 9, 2013.
    Attest: KAREN L. HAAS,
    Clerk.
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    HR 807 RFS

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