[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 369 Introduced in House (IH)]

112th CONGRESS
  1st Session
H. RES. 369

To state the belief of the House of Representatives that the President 
  and the Secretary of the Treasury have the authority to choose the 
        order in which to pay obligations of the United States.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 25, 2011

Mr. Terry submitted the following resolution; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
To state the belief of the House of Representatives that the President 
  and the Secretary of the Treasury have the authority to choose the 
        order in which to pay obligations of the United States.

Whereas the President and Secretary of the Treasury have expressed a belief that 
        they lack the authority necessary to choose the order in which to pay 
        the obligations of the United States;
Whereas the President and Secretary of the Treasury have expressed a belief 
        that, in the context of Congress not having raised the statutory limit 
        on the public debt, the Treasury would be forced to pay obligations on a 
        first-in first-out basis;
Whereas there is no Constitutional, statutory, or other basis for concluding 
        that the Department of the Treasury is required to pay outstanding 
        obligations in the order in which they are presented for payment unless 
        it chooses to do so; and
Whereas the Department of the Treasury is free to liquidate obligations in any 
        order it finds will best serve the interests of the United States: Now, 
        therefore, be it
    Resolved, That the House of Representatives believes that the 
President and the Secretary of the Treasury have the authority to 
choose the order in which to pay obligations of the United States.
                                 <all>