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 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.
Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Motion to reconsider laid on the table Agreed to without objection.
Referred to the House Committee on Ways and Means.
Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 14.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-48.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-48.
Placed on the Union Calendar, Calendar No. 29.
Rules Committee Resolution H. Res. 202 Reported to House. Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
Rule H. Res. 202 passed House.
Considered under the provisions of rule H. Res. 202. (consideration: CR H2539-2553; text of measure as reported in House: CR H2539)
Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
DEBATE - The House proceeded with one hour of debate on H.R. 807.
DEBATE - The House continued with further debate on H.R. 807.
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DEBATE - Pursuant to the provisions of H.Res. 202, the House proceeded with 10 minutes of debate on the Camp amendment.
Mr. Maffei moved to recommit with instructions to Ways and Means. (consideration: CR H2551-2553; text: CR H2551)
DEBATE - The House proceeded with 10 minutes of debate on the Maffei motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to the prohibition on default that pays China first instead of protecting America's seniors, veterans, and those harmed by natural disasters. Subsequently, the reservation was removed.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2552)
On motion to recommit with instructions Failed by recorded vote: 200 - 227 (Roll no. 141).
Roll Call #141 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).
Roll Call #142 (House)On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).
Roll Call #142 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.