S. 82 · 118th Congress
Full Faith and Credit Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
ScottSponsor13 cosponsors · 13 R
R
Blackburn
TB
R
Budd
MB
R
Braun
KB
R
Britt
KC
R
Cramer
RJ
R
Johnson
CL
R
Lummis
ML
R
Lee
JR
R
Risch
JB
R
Barrasso
RP
R
Paul
TC
R
Cruz
TS
R
Scott9 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 · Jan 25, 2023
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 (Jan 26, 2023): Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 6.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Jan 25, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.