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

 
Oakhurst Town Hall Meeting

Congressman McClintock will hold a town hall meeting in Oakhurst on Wednesday, April 23rd at 6:00 pm. The meeting will be held at Oakhurst Elementary School, 49495 High School Road, in Oakhurst. Hope to see you there!

Veterans Forum

An advocacy forum for Veterans will be held on April 17th in Truckee.  The forum, assembled by Congressman McClintock's office, will provide Veterans with the information they need to access the benefits they have earned.
 
Representatives from Nevada County and Placer County Veterans' service offices will join the Congressman’s staff to provide information on filing claims with the Veterans Benefits Administration.  Service providers and community program sponsors that help active duty military, wounded warriors and military families will also be present.
 
The forum will be held April 17th from 11:00 am to 1:00 pm at Truckee Airport in the Experimental Aircraft Association Building, 10356 Truckee Airport Road in Truckee.  
 
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 Satellite Office Hours Scheduled for April 2014:
 

Amador County

Jackson
Tuesday, April 29, 2014
2:00 pm - 4:00 pm
Conference Room D
County Administration Center
810 Court Street
 
Calaveras County

San Andreas
Tuesday, April 29, 2014
11:00 am - 1:00 pm
Calaveras County Water Agency Conference Room
120 Toma Court
 
El Dorado County

Placerville
Tuesday, April 15, 2014
10:00 am - 12:00 pm
El Dorado County Government Center
330 Fair Lane
 
El Dorado Hills
Tuesday, April 15, 2014
2:00 pm - 4:00 pm
El Dorado Hills Chamber of Commerce
2085 Vine Street, #105
 
South Lake Tahoe 
Monday, April 21, 2014
11:00 am - 1:00 pm
South Tahoe Public Utility District
1275 Meadow Crest Drive
 
Fresno County

Auberry 
Thursday, April 17, 2014
3:00 pm - 4:00 pm
Auberry Library
33049 Auberry Road
 
Madera County

Oakhurst 
Wednesday, April 16, 2014
2:30 pm - 4:00 pm
Yosemite Visitors Bureau Conference Room 40637 Highway 41
 
Coarsegold 
Wednesday, April 30, 2014
4:00 pm - 5:00 pm
Yosemite Lakes Park/Clubhouse Library
30250 Yosemite Springs Way
 
Mariposa County

Mariposa
Wednesday, April 9, 2014
11:00 am - 12:00 pm
Library Conference Room
4978 10th Street
 
Placer County

Auburn
Tuesday, April 8, 2014 
9:00 am - 11:00 am
Placer County Government Center 
CEO 3 Meeting Room
175 Fulweiler Avenue
 
Lincoln 
Tuesday, April 8, 2014
3:00 pm - 5:00 pm
Lincoln City Hall
600 6th Street
 
Loomis 
Tuesday, April 1, 2014
9:00 am - 11:00 am 
Loomis City Hall
3365 Taylor Road
 
Rocklin 
Tuesday, April 22, 2014
3:00 pm - 5:00 pm
Rocklin City Hall
3980 Rocklin Rd
 
Tuolumne County

Sonora 
Tuesday, April 8, 2014
2:00 pm - 4:00 pm
Small Business Center Conference Room
99 N Washington St, Sonora
 
For further information on satellite office hours, please call 916-786-5560.