Britt re-introduces Full Faith, Credit Act

U.S. Sens. Katie Boyd Britt and Rick Scott reintroduced the Full Faith and Credit Act on Wednesday to address the federal debt crisis.

They were joined by Sens. Marsha Blackburn, Mike Braun, Ted Budd, Kevin Cramer, Ron Johnson, Mike Lee, Cynthia Lummis, and Jim Risch. The legislation would ensure the federal government prioritizes funding for our military, veterans, and seniors should the federal debt ceiling be reached due to the Biden Administration refusing to exercise its authority and prevent default.

“Our ballooning national debt is an economic and security crisis. We can’t continue to recklessly pile this burden on the backs of our children and our children’s children,” said Britt (R-Montgomery). “The American people deserve accountability over wasteful spending, and we accomplish that by prioritizing taxpayer dollars in a responsive and responsible manner.

“It is crucial that we maintain the full faith and credit of the United States, meet our obligations to Social Security and Medicare beneficiaries, maintain a strong national defense, and support our incredible veterans and servicemembers. This legislation would do exactly that.”

The Full Faith and Credit Act would:

• Require the following to take priority over all other federally incurred obligations in the event that the federal debt reaches the debt ceiling:

• • The Department of the Treasury to pay the principal and interest on debt held by the public;
  • Social Security payments toward monthly Old Age, Survivors and Disability Insurance benefits under title II of the Social Security Act;
  • Pay and allowances for members of the Armed Forces on active duty and the United States Coast Guard;
  • Payment of compensation and pensions and medical services provided by the United States Department of Veterans Affairs; and
  • Medicare programs.
• Require the Secretary of the Treasury, if the Secretary determines that incoming revenue will not be sufficient to finance the priorities described above over the following two weeks, to:
  • Notify Congress of the expected revenue shortfall; and
  • Raise the debt limit by the amount necessary to cover the difference between incoming revenue and the revenue needed to finance such priorities on a two-week basis.

• Prohibit such a debt limit increase from exceeding the difference between expected outlays for the listed priorities and expected revenue.