Shuster Votes to Avoid U.S. Defaulting on its Obligations05/09/13
House Passes “Full Faith and Credit” Act
Washington – Congressman Bill Shuster voted for H.R. 807, the “Full Faith and Credit” Act, which requires the Treasury to make good on debt payments, does not raise the debt limit, and requires the Secretary of the Treasury to provide a weekly accounting to the Ways and Means and Senate Finance Committees.
“Letting the country default on a debt payment could create serious problems. It could push the country back into recession and stop our fragile economic recovery,” said Shuster. “This bill gives us an ironclad plan to avoid going into default, does not raise the debt limit and assures timely Social Security payments will continue to be made if the debt limit is not raised.”
If signed into law, the legislation would require the President and the Treasury Department to essentially roll over any principal and interest due on our current debt. This would prevent a default in the event that the debt ceiling is not raised. This legislation ensures the U.S. will not default on its debt while the President and Congress work to address the out-of-control spending problem in Washington.