Text: H.R.807 — 113th Congress (2013-2014)
Referred in Senate (05/13/2013)
[Congressional Bills 113th Congress]
[From the U.S. Government Printing Office]
[H.R. 807 Referred in Senate (RFS)]
H. R. 807
IN THE SENATE OF THE UNITED STATES
May 13, 2013
Received; read twice and referred to the Committee on Finance
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. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC DEBT AND SOCIAL
SECURITY TRUST FUNDS.
(a) In General.--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 Secretary of the Treasury shall, in
addition to any other authority provided by law, issue obligations
under chapter 31 of title 31, United States Code, to pay with legal
tender, and solely for the purpose of paying, the principal and
interest on obligations of the United States described in subsection
(b) after the date of the enactment of this Act.
(b) Obligations Described.--For purposes of this subsection,
obligations described in this subsection are obligations which are--
(1) held by the public, or
(2) held by the Old-Age and Survivors Insurance Trust Fund
and Disability Insurance Trust Fund.
(c) Prohibition on Compensation for Members of Congress.--None of
the obligations issued under subsection (a) may be used to pay
compensation for Members of Congress.
(d) Obligations Exempt From Public Debt Limit.--Obligations issued
under subsection (a) shall not be taken into account in applying the
limitation in section 3101(b) of title 31, United States Code, to the
extent that such obligation would otherwise cause the limitation in
section 3101(b) of title 31, United States Code, to be exceeded.
(e) Report on Certain Actions.--
(1) In general.--If, after the date of the enactment of
this Act, the Secretary of the Treasury exercises his authority
under subsection (a), the Secretary shall thereafter submit a
report each week the authority is in use providing an
accounting relating to--
(A) the principal on mature obligations and
interest that is due or accrued of the United States,
(B) any obligations issued pursuant to subsection
(2) Submission.--The report required by paragraph (1) shall
be submitted to the Committee on
Ways and Means of the House of Representatives and the
Committee on Finance of the Senate.
Passed the House of Representatives May 9, 2013.
KAREN L. HAAS,