Congress 113 - HR 807 - Full Faith and Credit Act

Sponsor

Cosponsors

Topics

Budget deficits and national debt Congressional oversight Economics and Public Finance Government employee pay, benefits, personnel management Government trust funds Interest, dividends, interest rates Members of Congress Securities Social security and elderly assistance

Full Text

View Full Bill Text

Votes

Summary

Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act.

Prohibits: (1) the use of the issued obligations to pay compensation for Members of Congress, and (2) these obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.

Requires the Secretary, if such authority is exercised after enactment of this Act, to report to specified congressional committees each week the authority is in use and provide an accounting of: (1) the principal on mature obligations and interest due or accrued by the United States, and (2) any obligations issued pursuant to this Act.

Actions

May 13, 2013

Received in the Senate and Read twice and referred to the Committee on Finance.
May 9, 2013

Motion to reconsider laid on the table Agreed to without objection.
May 9, 2013

On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).
May 9, 2013

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).
May 9, 2013

On motion to recommit with instructions Failed by recorded vote: 200 - 227 (Roll no. 141).
May 9, 2013

The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2552)
May 9, 2013

DEBATE - The House proceeded with 10 minutes of debate on the Maffei motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to the prohibition on default that pays China first instead of protecting America's seniors, veterans, and those harmed by natural disasters. Subsequently, the reservation was removed.
May 9, 2013

Mr. Maffei moved to recommit with instructions to Ways and Means. (consideration: CR H2551-2553; text: CR H2551)
May 9, 2013

DEBATE - Pursuant to the provisions of H.Res. 202, the House proceeded with 10 minutes of debate on the Camp amendment.
May 9, 2013

DEBATE - The House continued with further debate on H.R. 807.
May 9, 2013

DEBATE - The House proceeded with one hour of debate on H.R. 807.
May 9, 2013

Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
May 9, 2013

Considered under the provisions of rule H. Res. 202. (consideration: CR H2539-2553; text of measure as reported in House: CR H2539)
May 8, 2013

Rule H. Res. 202 passed House.
May 7, 2013

Rules Committee Resolution H. Res. 202 Reported to House. Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
Apr 30, 2013

Placed on the Union Calendar, Calendar No. 29.
Apr 30, 2013

Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-48.
Apr 24, 2013

Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 14.
Feb 25, 2013

Referred to the House Committee on Ways and Means.
Feb 25, 2013

Introduced in House

Amendments

Related Bills