Full Faith and Credit Act Introduced in the House

Legislation will ensure debt service payments in the event the debt ceiling is reached

  Washington, D.C. – Congressman Tom McClintock (R-CA) yesterday introduced HR 421 -- the Full Faith and Credit Act -- directing the United States Treasury, in the event the debt ceiling is reached, to pay principal and interest due on debt held by the public before making any other payments.  The legislation is being co-sponsored in the House by Republican Study Committee Chairman Congressman Jim Jordan, Congresswoman Virginia Foxx and Congressman Scott Garrett.  This bill is a companion to an identical measure introduced yesterday by Senator Pat Toomey.

Maintaining the good credit of the United States is essential to economic prosperity and national security.  In the event of a shortfall in the federal budget, default on credit obligations should not be our first option, it should be the last.  A default on debt would lead to catastrophic consequences, including loss of the nation’s triple-A credit rating, sky-high interest rates and rapid inflation, all of which would make a return to prosperity, job growth, and balanced budgets an impossibility. 

“The ‘full faith and credit’ of the United States should not hang in the balance on every adjustment to the national debt limit,” said Congressman McClintock. “States protect their credit by pledging first call on revenues to their debts and so should the federal government.  After all, before you can ‘provide for the common defense, promote the general welfare and secure the blessings of liberty,’ you have to be able to finance them.”

“A pitiful scare tactic already being used by the Treasury Secretary in the debt ceiling debate is the threat of allowing the federal government to default on its obligations,” said Republican Study Committee Chairman Jordan.  “This is government mismanagement at its worst.  Secretary Geithner knows full well that he has the authority to prioritize federal spending so that default is not an option.  This bill will take Secretary Geithner’s disastrous scenario completely off the table.”

"America's sterling credit rating is vital to our future prosperity,” said Congresswoman Virginia Foxx.  “This bill offers a simple safeguard to protect our credit and prevent a sovereign debt crisis.  It's the sort of common sense solution that we can easily put in place without wading into the debate over raising the debt ceiling." 

“This important piece of legislation ensures America’s debt rating and the threat of default on our debt cannot be used as political weapons.  This bill will remind the markets and the world that America will never default on its debt while giving Congress time to have a meaningful, reasonable discussion about how to rein in out-of-control spending and prevent our country from sliding further into debt,” remarked Congressman Scott Garrett.

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Upcoming Events

Upcoming Town Hall Meetings
 
Congressman McClintock will be hosting the following town hall meetings.  Hope to see you there!
 
Loomis, Tuesday, August 5th at 6:00 PM. The town hall meeting will be held at the Train Depot, 5775 Horseshoe Bar Road in Loomis
 
Roseville, Wednesday, August 6th at 6:00 PM. The town hall meeting will be held at Sun City Roseville, Timber Creek Lodge, 7050 Del Webb Blvd. in Roseville
 
Copperopolis, Thursday, August 7th at 6:00 PM. The town hall meeting will be held at the Copperopolis Armory, 695 Main Street in Copperopolis
 
Rocklin, Monday, August 25th at 6:00 PM. The town hall meeting will be held at the Rocklin Event Center, 2650 Sunset Blvd. in Rocklin

Satellite Office Hours

Office staff members are available to assist constituents with problems or concerns at satellite office locations held throughout the district.  Anyone wishing to discuss an issue of federal concern is invited to attend one of these satellite office sessions and speak with a member of staff.  For more information, or to reach staff, please call the district office at 916-786-5560.
  
Upcoming July Office Hours:
 
Amador County
 
Jackson 
Friday, July 18th
10:00 am - 12:00 pm
Conference Room D
County Administration Center
810 Court Street
 
Calaveras County
 
San Andreas 
Friday, July 18th
1:30 pm - 3:00 pm
Calaveras County Water Agency Conference Room
120 Toma Court
 
El Dorado County
 
Placerville
Thursday, July 10th
9:30 am - 11:30 am
El Dorado County Government Center
330 Fair Lane
 
El Dorado Hills 
Thursday, July 10th
1:00 pm - 3:00 pm
El Dorado Hills Chamber of Commerce
2085 Vine Street, #105
 
South Lake Tahoe 
Thursday, July 17th
10:00 am - 12:00 pm
South Lake Tahoe Public Utility District
1275 Meadow Crest Drive
 
Fresno County
 
Auberry 
Wednesday, July 23rd
3:00 pm - 5:00 pm
The Auberry Library
33049 Auburn Rd
 
Madera County
 
Oakhurst 
Tuesday, July 22nd
1:00 pm - 3:00 pm
Yosemite Visitor Bureau Conference Room
40637 Highway 41
 
Coarsegold 
Wednesday, July 9th
3:00 pm - 5:00 pm
Yosemite Lakes Park Clubhouse
30250 Yosemite Springs Parkway
 
Mariposa County
 
Mariposa 
Tuesday, July 22nd
8:00 am - 9:30 am
Library Conference Room
4978 10th Street
 
Nevada County
 
Truckee 
Thursday, July 24th
10:00 am - 11:00 am
The Town Of Truckee
10183 Truckee Airport Rd
 
Placer County
 
Auburn 
Tuesday, July 15th
9:00 am - 11:00 am
Placer County Government Center 
CEO 3 Meeting Room
175 Fulweiler Avenue
 
Lincoln
Tuesday, July 15th
3:00 pm - 5:00 pm
Lincoln City Hall
600 6th Street
 
Rocklin 
Tuesday, July 22nd
3:00 pm - 5:00 pm
Rocklin City Hall
3980 Rocklin Rd
 
Tuolumne County
 
Sonora 
Monday, July 14th
1:00 pm - 3:00 pm
Small Business Center Conference Room
99 N. Washington St
 
 
For further information on satellite office hours, please call 916-786-5560.