Full Faith and Credit Act

Summary

Full Faith and Credit Act This bill requires the Department of the Treasury to prioritize certain obligations if the federal debt limit is reached and provides for a limited increase in the debt limit to fund these priorities. If the federal government reaches the debt limit, the following obligations must be given equal priority over all other federal obligations: the principal and interest on the debt held by the public; Social Security benefits; pay and allowances for members of the Armed Forces on active duty and members of the U.S. Coast Guard; compensation, pensions, and payments for medical services provided by the Department of Veterans Affairs, and the Medicare programs. If the debt limit has been reached and incoming revenue will be insufficient to pay the priority obligations over an upcoming two-week period, the bill requires (1) Treasury to notify Congress of the expected revenue shortfall for the two-week period, and (2) the debt limit to be increased by the amount of the expected shortfall. If the incoming revenue exceeds the expected shortfall, the excess revenue must be held in reserve and applied to the following two-week period.

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Timeline

1. 22 September 2021

   Introduced

   Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time. (Sponsor introductory remarks on measure: CR S6626-6627)

   Source: Calendars

2. 22 September 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 22 September 2021 · Official file

Documents

3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 22 September 2021

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 22 September 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 September 2021

  Open at official source

Sponsors

• Rick Scott · R · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Thomas Tillis · R · Sponsor
• Ron Johnson · R · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• Bill Hagerty · R · Sponsor
• Ted Cruz · R · Sponsor
• Kevin Cramer · R · Sponsor
• Shelley Capito · R · Sponsor
• Sen. Rubio, Marco [R-FL] · R · Sponsor
• John Barrasso · R · Sponsor
• John Hoeven · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Sponsor
• Marsha Blackburn · R · Cosponsor
• Dan Sullivan · R · Cosponsor
• John Boozman · R · Cosponsor

Related records

No cross-record relationships stored yet.