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HR 807 - Full Faith and Credit Act - National Key Vote

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Title: Full Faith and Credit Act

Vote Smart's Synopsis:

Vote to pass a bill that requires the Secretary of the Treasury to pay the principal and interest of the obligations of the United States in the event that the debt of the United States Government reaches the statutory limit.

Highlights:

  • Requires the Secretary of the Treasury, after the date of the enactment of this bill, to pay the principal and interest of the following obligations of the United States if the debt of the federal government reaches the statutory limit (Sec. 2):
    • The obligations held by the public; and
    • The obligations held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund.
  • Prohibits any obligation authorized by this bill to be issued for the compensation for members of Congress (Sec. 2).
  • Prohibits obligations authorized by this bill from being included in the calculations of the statutory public debt limit if the obligations would cause the public debt limit to be exceeded (Sec. 2).

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