,,ib ,union ,calendar ,no4 #bi #aacth ,,congress #ast ,session ,h4 ,r4 #hjg ,report ,no4 #aac-dh ,,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 ,april #cj1 #bjac ,additional sponsors3 ,mr4 ,hall1 ,mr4 ,ribble1 ,mr4 ,chabot1 ,mr4 ,conaway1 ,mr4 ,flores1 ,mrs4 ,wagner1 ,mr4 ,wilson of ,south ,carolina1 ,mr4 ,pompeo1 ,mr4 ,walberg1 ,mr4 ,brooks of ,alabama1 ,mr4 ,fleischmann1 ,mr4 ,pitts1 ,mr4 ,posey1 ,mr4 ,barr1 ,mr4 ,olson1 ,mrs4 ,black1 ,mr4 ,griffin of ,arkansas1 ,mr4 ,broun of ,georgia1 ,mr4 ,yoder1 ,mr4 ,stutzman1 ,mr4 ,long1 ,mr4 ,pittenger1 ,mr4 ,westmoreland1 ,mr4 ,luetkemeyer1 ,mr4 ,duffy1 ,mr4 ,hultgren1 ,mr4 ,cramer1 ,mr4 ,mullin1 ,mr4 ,bridenstine1 ,mr4 ,rokita1 ,mr4 ,gowdy1 ,mr4 ,yoho1 ,mr4 ,salmon1 ,mrs4 ,bachmann1 ,mr4 ,de,santis1 ,mr4 ,gibbs1 ,mr4 ,meadows1 ,mr4 ,amash1 ,mrs4 ,brooks of ,indiana1 ,mr4 ,forbes1 ,mr4 ,calvert1 ,mr4 ,des,jarlais1 ,mr4 ,messer1 ,mr4 ,king of ,iowa1 ,mr4 ,benishek1 ,mr4 ,hudson1 ,mr4 ,holding1 ,mr4 ,roe of ,tennessee1 ,mr4 ,radel1 ,mr4 ,kline1 ,mr4 ,wenstrup1 ,mr4 ,crawford1 ,mrs4 ,ellmers1 ,mr4 ,coble1 ,mr4 ,campbell1 ,mr4 ,gosar1 ,mr4 ,fleming1 ,mr4 ,reed1 ,mr4 ,bishop of ,utah1 ,mr4 ,woodall1 ,mr4 ,graves of ,missouri1 ,mr4 ,lankford1 ,mrs4 ,walorski1 ,mr4 ,nunnelee1 ,mr4 ,latta1 ,mr4 ,perry1 ,mr4 ,royce1 ,mr4 ,thornberry1 ,mr4 ,rothfus1 ,mr4 ,gingrey of ,georgia1 ,mr4 ,roskam1 ,mr4 ,barton1 ,mr4 ,sessions1 ,mr4 ,lucas1 ,mr4 ,johnson of ,ohio1 ,mr4 ,collins of ,new ,york1 ,mr4 ,nugent1 ,mr4 ,mc,kinley1 ,mr4 ,harris1 ,mr4 ,cotton1 ,mr4 ,stewart1 ,mr4 ,neugebauer1 and ,mr4 ,burgess ,april #cj1 #bjac ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed ,strike out all after the enacting clause and insert the part printed in italic ,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 #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 ,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 7d7 ,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 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 7#c7 ,termination ,the report requirement under paragraph 7#a7 shall cease to apply after the date of the enactment of the first increase in the limitation in section #caja7;b71 ,united ,states ,code1 after the date of the enactment of this ,act4 ,april #cj1 #bjac ,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed