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.
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.
Referred to the House Committee on Ways and Means.
Read twice and referred to the Committee on Finance.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 2.
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