113th Congress Report HOUSE OF REPRESENTATIVES 1st Session 113-48 =================================== FULL FAITH AND CREDIT ACT _______ April 30, 2013.--Committed to the Committee of the Whole House on the State of the Union and ordered to be printed _______ Mr. Camp, from the Committee on Ways and Means, submitted the following R E P O R T together with DISSENTING VIEWS [To accompany H.R. 807] [Including cost estimate of the Congressional Budget Office] The Committee on Ways and Means, to whom was referred the bill (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, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the ``Full Faith and Credit Act''. SEC. 2. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC DEBT AND SOCIAL SECURITY TRUST FUNDS. (a) In General.--In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the Secretary of the Treasury shall, in addition to any other authority provided by law, issue obligations under chapter 31 of title 31, United States Code, to pay with legal tender, and solely for the purpose of paying, the principal and interest on obligations of the United States described in subsection (b) after the date of the enactment of this Act. (b) Obligations Described.--For purposes of this subsection, obligations described in this subsection are obligations which are-- (1) held by the public, or (2) held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund. [pull up full faith and credit act!]

Posted by MalikaDulce at 2020-11-26 05:36:01 UTC