,,iib  #aacth ,,congress  #ast ,session 
,h4 ,r4 #hjg  ,,in ,,the ,,senate ,,of  
,,the ,,united ,,states  ,may #ac1 #bjac
 ,received2 read twice and referred to  
the ,committee on ,finance  ,,an ,,act  
,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     
,payment of principal and interest on   
public debt and social security trust   
funds  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        
,secretary of the ,treasury shall1 in   
addition to any other authority provided
 by law1 issue obligations under chapter
 #ca of title #ca1 ,united ,states      
,code1 to pay with legal tender1 and    
solely for the purpose of paying1 the   
principal and interest on obligations of

 the ,united ,states described in       
subsection 7b7 after the date of the    
enactment of this ,act4  7b7            
,obligations described ,for purposes of 
this subsection1 obligations described  
in this subsection are obligations which
 are--  7#a7 held by the public1 or     
7#b7 held by the ,old-,age and          
,survivors ,insurance ,trust ,fund and  
,disability ,insurance ,trust ,fund4    
7c7 ,prohibition on compensation for    
,members of ,congress ,none of the      
obligations issued under subsection 7a7 
may be used to pay compensation for     
,members of ,congress4  7d7 ,obligations
 exempt from public debt limit          
,obligations issued under subsection 7a7
 shall not be taken into account in     
applying the limitation in section      
#caja7;b7 of title #ca1 ,united ,states 
,code1 to the extent that such          
obligation would otherwise cause the    
limitation in section #caja7;b7 of title
 #ca1 ,united ,states ,code1 to be      
exceeded4  7e7 ,report on certain       

actions  7#a7 ,in general ,if1 after the
 date of the enactment of this ,act1 the
 ,secretary of the ,treasury exercises  
his authority under subsection 7a71 the 
,secretary shall thereafter submit a    
report each week the authority is in use
 providing an accounting relating to--  
7,a7 the principal on mature obligations
 and interest that is due or accrued of 
the ,united ,states1 and  7,b7 any      
obligations issued pursuant to          
subsection 7a74  7#b7 ,submission ,the  
report required by paragraph 7#a7 shall 
be submitted to the ,committee on ,ways 
and ,means of the ,house of             
,representatives and the ,committee on  
,finance of the ,senate4  ,passed the   
,house of ,representatives ,may #i1     
#bjac4 ,karen ,l4 ,haas1 ,clerk