[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 421 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 421

 To require that the Government prioritize all obligations on the debt 
    held by the public in the event that the debt limit is reached.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2011

  Mr. McClintock (for himself, Mr. Jordan, Ms. Foxx, Mr. Garrett, Mr. 
 Campbell, Mr. Flores, Mr. Chaffetz, Mrs. Blackburn, Mr. Rohrabacher, 
   Mr. Lamborn, Mr. Franks of Arizona, Mr. Schweikert, Mr. Long, Mr. 
  Webster, Mr. Gohmert, and Mr. Flake) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Full Faith and Credit Act''.

SEC. 2. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY THE PUBLIC.

    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 authority of the Department of the Treasury 
provided in section 3123 of title 31, United States Code, to pay with 
legal tender the principal and interest on debt held by the public 
shall take priority over all other obligations incurred by the 
Government of the United States.
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