S. 2809 · 117th Congress
Full Faith and Credit Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ScottSponsor15 cosponsors · 15 R
R
Barrasso
MB
R
Braun
SC
R
Capito
KC
R
Cramer
TC
R
Cruz
BH
R
Hagerty
JH
R
Hoeven
JI
R
Inhofe
RJ
R
Johnson
MR
R
Rubio
PT
R
Toomey
TT
R
Tillis
MB
R
Blackburn
JB
R
Boozman
DS
R
Sullivan12 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Department of the Treasury to prioritize certain obligations if the federal debt limit is reached and provides for a limited increase in the debt limit to fund these priorities.
What it does: CRS summary · Introduced in Senate · Sep 22, 2021
Full Faith and Credit Act
This bill requires the Department of the Treasury to prioritize certain obligations if the federal debt limit is reached and provides for a limited increase in the debt limit to fund these priorities.
If the federal government reaches the debt limit, the following obligations must be given equal priority over all other federal obligations:
- the principal and interest on the debt held by the public;
- Social Security benefits;
- pay and allowances for members of the Armed Forces on active duty and members of the U.S. Coast Guard;
- compensation, pensions, and payments for medical services provided by the Department of Veterans Affairs, and
- the Medicare programs.
If the debt limit has been reached and incoming revenue will be insufficient to pay the priority obligations over an upcoming two-week period, the bill requires (1) Treasury to notify Congress of the expected revenue shortfall for the two-week period, and (2) the debt limit to be increased by the amount of the expected shortfall.
If the incoming revenue exceeds the expected shortfall, the excess revenue must be held in reserve and applied to the following two-week period.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Full Faith and Credit Act
Latest action (Sep 22, 2021): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 136.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Sep 22, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.