,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #hjg  ,,in ,,the ,,house ,,of   
,,representatives  ,february #be1 #bjac 
,mr4 ,mc,clintock 7for himself1 ,mr4    
,scalise1 ,mr4 ,jordan1 ,mr4 ,price of  
,georgia1 ,mr4 ,hensarling1 ,mr4        
,garrett1 ,mr4 ,cole1 ,mr4 ,young of    
,indiana1 ,mr4 ,franks of ,arizona1 ,ms4
 ,foxx1 ,mr4 ,collins of ,georgia1 ,mr4 
,mulvaney1 ,mr4 ,rohrabacher1 ,mr4      
,la,malfa1 ,mr4 ,duncan of ,south       
,carolina1 ,mr4 ,bucshon1 ,mrs4         
,blackburn1 ,mr4 ,chaffetz1 ,mr4        
,huizenga of ,michigan1 ,mr4 ,labrador1 
,mrs4 ,lummis1 ,mr4 ,miller of ,florida1
 ,mr4 ,bentivolio1 and ,mr4 ,schweikert7
 introduced the following bill2 which   
was referred to the ,committee on ,ways 
and ,means  ,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 reached4  #a4 ,short title ,this ,act
 may be cited as the ,full ,faith and   
,credit ,act4  #b4 ,findings ,congress  

finds that3  7#a7 ,the ,act of ,congress
 establishing the ,treasury ,department 
of #aghi states that the ,secretary of  
the ,treasury shall prepare plans for   
improving and managing the revenue of   
the ,united ,states ,government and for 
the support of the public credit4  7#b7 
,section #cba of title #ca1 ,united     
,states ,code1 codifies the duty to     
prepare plans for improving and managing
 receipts of the ,united ,states        
,government and managing the public     
debt4  7#c7 ,in carrying out the        
statutory responsibilities to support of
 the public credit and managing the     
public debt the ,secretary shall take   
all necessary actions to ensure all     
obligations of the ,united ,states      
,government with regard to debt held by 
the public are fully discharged when    
due4  7#d7 ,such actions may include the
 forgoing of obligations not related to 
debt held by the public for a period of 
time deemed necessary by the ,secretary 
as authorized under section #cbd of     

title #ca1 ,united ,states ,code1 which 
states that--  7a7 ,the ,secretary of   
the ,treasury may--  7#a7 dispose of    
obligations--  7,a7 acquired by the     
,secretary for the ,united ,states      
,government2 or  7,b7 delivered by an   
executive agency2 and  7#b7 make        
arrangements to extend the maturity of  
those obligations4  7b7 ,the ,secretary 
may dispose or extend the maturity of   
obligations under subsection 7a7 of this
 section in the way1 in amounts1 at     
prices 7for cash1 obligations1 property1
 or a combination of cash1 obligations1 
or property71 and on conditions the     
,secretary considers advisable and in   
the public interest4  4  #c4 ,duty to   
protect the full faith and credit of the
 ,united ,states ,government  7a7 ,in   
general ,in the event that the debt of  
the ,united ,states ,government1 as     
defined in section #caja of title #ca1  
,united ,states ,code1 reaches the      
statutory limit1 the authority of the   
,department of the ,treasury provided in

 section #cabc of title #ca1 ,united    
,states ,code1 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 ,states4  7b7
 ,special rule for insufficiency of     
funds ,section #cbd of title #ca1       
,united ,states ,code1 is amended by    
redesignating subsection 7c7 as         
subsection 7e71 and by inserting after  
subsection 7b7 the following3  7c7 ,if  
the ,secretary expects that there will  
be insufficient funds available to      
dispose of all obligations consisting of
 interest and principal of the debt held
 by the public on the next calendar day 
on which such obligations are due1 then 
the ,secretary shall extend the         
maturities of any other obligations     
under section 7a7 and refuse to issue   
warrants under section #cba7;a77#c7 to  
the extent necessary to provide such    
funds as the ,secretary deems prudent to
 dispose of obligations consisting of   

interest and principal of the debt held 
by the public for no less than the next 
#cj calendar days4  7d7 ,to the extent  
receipts exceed those required to meet  
the ,secretary's obligation under       
subsection 7c71 the ,secretary shall    
prioritize the disposal of obligations  
under subsection 7a7 and issuance of    
warrants under section #cba7;a77#c7 in  
that order the ,secretary considers     
advisable and in the public interest4  4