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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Town Hall Meetings
Congressman McClintock will hold the following town hall meetings in August:
 
August 5
6:00 PM
Loomis Town Hall
Loomis Train Depot
5775 Horseshoe Bar Road, Loomis
 
August 7
6:00 PM
Copperopolis Town Hall
Copperopolis Armory
695 Main Street, Copperopolis
 
August 13
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August 25
6:00 PM
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Rocklin Event Center
2650 Sunset Boulevard, Rocklin


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Staff 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.
  
Staff Satellite Office Hours:
 
Amador County 

Jackson 
Tuesday, August 26th 
10:00 am - 11:30 am 
Conference Room D 
County Administration Center 
810 Court Street
 
Calaveras County 

San Andreas 
Tuesday, August 12th 
10:00 am - 11:30 am 
Calaveras County Water Agency Conference Room 120 Toma Court
 
El Dorado County 

Camino 
Thursday, August 14th 
10:00 am - 12:00 pm 
Camino Pollock Pines Chamber of Commerce 
4123 Carson Road

El Dorado Hills 
Thursday, August 14th 
1:30 pm - 3:00 pm 
El Dorado Hills Chamber of Commerce 
2085 Vine Street, #105

Fresno County 

Auberry 
Thursday, August 21st 
3:00 pm - 4:30 pm 
The Auberry Library 
33049 Auburn Rd

Madera County  

Oakhurst 
Tuesday, August 19th 
10:00 am - 12:00 pm 
Yosemite Visitor Bureau Conference Room 
40637 Highway 41

Coarsegold 
Thursday, August 7th  
3:30 pm - 5:30 pm 
Yosemite Lakes Park Clubhouse 
30250 Yosemite Springs Parkway 
 
Mariposa County 

Mariposa 
Tuesday, August 26th 
8:30 am - 10:00 am 
Library Conference Room
4978 10th Street

Placer County 

Auburn 
Tuesday, August 12th 
9:00 am - 11:00 am 
Canyon View Community Center 
Sunset Room 
471 Maidu Drive

Auburn 
Tuesday, August 12th 
12:00 pm - 2:00 pm 
Auburn City Hall 
Room #10 
1225 Lincoln Way

Lincoln 
Tuesday, August 19th 
12:00 pm - 2:00 pm 
Sun City Lincoln Hills 
The Oaks Room 
925 Orchard Creek Lane

Rocklin 
Tuesday, August 26th 
3:00 pm - 5:00 pm 
Rocklin City Hall 
3980 Rocklin Rd

Roseville 
Wednesday, August 27th 
12:00 pm - 2:00 pm 
Sun City Roseville 
Birch Room 
7050 Del Webb Boulevard

Tuolumne County 

Sonora 
Tuesday, August 12th  
1:00 pm - 3:00 pm 
Small Business Center Conference Room 
99 N Washington St
 
  
For further information on staff satellite office hours, please call 916-786-5560.