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Rubio, Scott. Toomey, Colleagues Reintroduce Full Faith and Credit Act
Washington, D.C. — U.S. Senator Marco Rubio (R-FL) joined Senators Rick Scott (R-FL), Pat Toomey (R-PA), and colleagues in reintroducing the Full Faith and Credit Act to ensure the federal government prioritizes funding for our military, veterans and seniors should Democrats fail to take action to raise or suspend the federal debt limit while continuing to push forward a radical, multi-trillion-dollar partisan agenda.
“Democrats are attempting to fundamentally remake America through massive, debt-fueled spending,” Rubio said. “We cannot afford to gamble with the full faith and credit of the United States Government simply because Democrats want a blank check for their reckless agenda. Instead, we need to pass the Full Faith and Credit Act and begin to rein in our mounting debt crisis.”
“Washington’s reckless spending is completely out of control. The United States is nearing $30 trillion in debt and Democrats are pushing a radical, socialist tax-and-spending agenda that will push us to an unimaginable $45 trillion,” Scott said. “Too many in Washington have accepted deficit spending, blank checks, tax hikes and skyrocketing inflation as the status quo. We need to be clear: there will be a day of reckoning for this and unfortunately American families will pay the price. It’s time for Congress to take significant action to put our nation back on a path of economic success. I did it in Florida and we can do it in Washington.
“Our bill, the Full Faith and Credit Act, would require the U.S. government to fulfill critical payments to the debt to avoid default and full fiscal calamity if Democrats refuse to take accountability for their wasteful spending and address the debt ceiling,” Scott continued. “It also ensures Americans depending on Social Security, Medicare, veteran benefits, as well as our service members, are not punished for Washington’s dysfunction. I want to thank my friend and colleague, Senator Pat Toomey, for previously introducing this bill and allowing me the opportunity to lead this effort with him at this critical moment. It’s time for Washington to start living within its means, just like every family and business across the nation does, and preserve the American dream—this bill is a great start.”
“Democrats want Republicans to be complicit in their irresponsible, unprecedented, and out-of-control spending spree by pushing us to authorize the massive borrowing necessary to fund their $3.5 trillion wish list,” Toomey said. “If they insist on going down this partisan path, Democrats should take full responsibility and use the procedural tools available to them to raise the debt ceiling alone.”
“Senator Rick Scott’s legislation would simply prevent Democrats from taking the full faith and credit of the U.S. hostage and ensure we make timely payments to our creditors, seniors, veterans, and the active duty military until they stop playing politics,” Toomey concluded.
For a full list of cosponsor quotes, click here.
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.
- Requires 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.