I 
113TH CONGRESS 
1ST SESSION 
H. R. 807 
To require that the Government prioritize all obligations on the debt held 
by the public in the event that the debt limit is reached. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 25, 2013 
Mr. MCCLINTOCK (for himself, Mr. SCALISE, Mr. JORDAN, Mr. PRICE of 
Georgia, Mr. HENSARLING, Mr. GARRETT, Mr. COLE, Mr. YOUNG of In-
diana, Mr. FRANKS of Arizona, Ms. FOXX, Mr. COLLINS of Georgia, Mr. 
MULVANEY, Mr. ROHRABACHER, Mr. LAMALFA, Mr. DUNCAN of South 
Carolina, Mr. BUCSHON, Mrs. BLACKBURN, Mr. CHAFFETZ, Mr. 
HUIZENGA of Michigan, Mr. LABRADOR, Mrs. LUMMIS, Mr. MILLER of 
Florida, Mr. BENTIVOLIO, and Mr. SCHWEIKERT) introduced the fol-
lowing bill; which was referred to the Committee on Ways and Means 
A BILL 
To require that the Government prioritize all obligations 
on the debt held by the public in the event that the 
debt limit is reached. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Full Faith and Credit 
Act’’. 
SEC. 2. FINDINGS. 
Congress finds that: 
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(1) The Act of Congress establishing the Treas-
ury Department of 1789 states that the Secretary of 
the Treasury shall prepare plans for improving and 
managing the revenue of the United States Govern-
ment and for the support of the public credit. 
(2) Section 321 of title 31, United States Code, 
codifies the duty ‘‘to prepare plans for improving 
and managing receipts of the United States Govern-
ment and managing the public debt’’. 
(3) In carrying out the statutory responsibilities 
to ‘‘support of the public credit’’ and ‘‘managing the 
public debt’’ the Secretary shall take all necessary 
actions to ensure all obligations of the United States 
Government with regard to debt held by the public 
are fully discharged when due. 
(4) Such actions may include the forgoing of 
obligations not related to debt held by the public for 
a period of time deemed necessary by the Secretary 
as authorized under section 324 of title 31, United 
States Code, which states that— 
‘‘(a) The Secretary of the Treasury may— 
‘‘(1) dispose of obligations— 
‘‘(A) acquired by the Secretary for the 
United States Government; or 
‘‘(B) delivered by an executive agency; and 
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‘‘(2) make arrangements to extend the maturity 
of those obligations. 
‘‘(b) The Secretary may dispose or extend the matu-
rity of obligations under subsection (a) of this section in 
the way, in amounts, at prices (for cash, obligations, prop-
erty, or a combination of cash, obligations, or property), 
and on conditions the Secretary considers advisable and 
in the public interest.’’. 
SEC. 3. DUTY TO PROTECT THE FULL FAITH AND CREDIT 
OF THE UNITED STATES GOVERNMENT. 
(a) IN GENERAL.—In the event that the debt of the 
United States Government, as defined in section 3101 of 
title 31, United States Code, reaches the statutory limit, 
the authority of the Department of the Treasury provided 
in section 3123 of title 31, United States Code, to pay 
with legal tender the principal and interest on debt held 
by the public shall take priority over all other obligations 
incurred by the Government of the United States. 
(b) 
SPECIAL
RULE
FOR
INSUFFICIENCY
OF 
FUNDS.—Section 324 of title 31, United States Code, is 
amended by redesignating subsection (c) as subsection (e), 
and by inserting after subsection (b) the following: 
‘‘(c) If the Secretary expects that there will be insuffi-
cient funds available to dispose of all obligations consisting 
of interest and principal of the debt held by the public 
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on the next calendar day on which such obligations are 
due, then the Secretary shall extend the maturities of any 
other obligations under section (a) and refuse to issue 
warrants under section 321(a)(3) to the extent necessary 
to provide such funds as the Secretary deems prudent to 
dispose of obligations consisting of interest and principal 
of the debt held by the public for no less than the next 
30 calendar days. 
‘‘(d) To the extent receipts exceed those required to 
meet the Secretary’s obligation under subsection (c), the 
Secretary shall prioritize the disposal of obligations under 
subsection (a) and issuance of warrants under section 
321(a)(3) in that order the Secretary considers advisable 
and in the public interest.’’. 
Æ 
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