II Calendar No. 2 112th CONGRESS 1st Session S. 163 IN THE SENATE OF THE UNITED STATES January 25 (legislative day, January 5), 2011 Mr. Toomey (for himself, Mr. Blunt, Mr. Lee, Mr. DeMint, Mr. Barrasso, Mr. Johanns, Mr. Isakson, Mr. Kirk, Mr. Enzi, Mr. Vitter, Mr. Inhofe, Mr. Johnson of Wisconsin, Mr. Paul, Mr. Ensign, Mr. Coburn, Mr. Chambliss, and Mr. Rubio) introduced the following bill; which was read the first time January 26, 2011 Read the second time and placed on the calendar 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.

1.

Short title

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

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.

January 26, 2011 Read the second time and placed on the calendar