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Congressman Tom McClintock

Representing the 4th District of California

Protecting Our Credit

April 26, 2013

Protecting Our Credit

House Chamber, Washington, D.C.
April 26, 2013
Mr. Speaker:
On Wednesday, the Democratic Whip charged that the Full Faith and Credit Act places America at risk of default.  As Churchill once said, “It would not be possible to state the opposite of the truth with greater precision.
Quite the contrary, this measure guarantees that whatever political storms are raging in Washington, America’s debt will ALWAYS be paid IN FULL and ON TIME.  
I would remind him that if the full faith and credit of the United States is ever compromised – all programs are jeopardized.  This bill protects the public credit so the public credit can protect seniors AND disabled veterans and all of our other obligations.
No one wants to see a stalemate that would delay any payment – that would be unprecedented, disruptive and dangerous.  But the worst and most lasting damage of such an event would be to imperil our nation’s credit.  This bill simply assures that even in the worst case scenario, that will never happen.  
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Congressman McClintock’s Full Faith and Credit bill, H.R. 807, was approved by the House Ways and Means Committee on April 24th, 2013.  The Congressman’s committee remarks about the bill can be read here.