IB 
Union Calendar No. 29 
113TH CONGRESS 
1ST SESSION 
H. R. 807 
[Report No. 113–48] 
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 
APRIL 30, 2013 
Additional sponsors: Mr. HALL, Mr. RIBBLE, Mr. CHABOT, Mr. CONAWAY, 
Mr. FLORES, Mrs. WAGNER, Mr. WILSON of South Carolina, Mr. 
POMPEO, Mr. WALBERG, Mr. BROOKS of Alabama, Mr. FLEISCHMANN, 
Mr. PITTS, Mr. POSEY, Mr. BARR, Mr. OLSON, Mrs. BLACK, Mr. GRIF-
FIN of Arkansas, Mr. BROUN of Georgia, Mr. YODER, Mr. STUTZMAN, 
Mr. LONG, Mr. PITTENGER, Mr. WESTMORELAND, Mr. LUETKEMEYER, 
Mr. DUFFY, Mr. HULTGREN, Mr. CRAMER, Mr. MULLIN, Mr. 
BRIDENSTINE, Mr. ROKITA, Mr. GOWDY, Mr. YOHO, Mr. SALMON, Mrs. 
BACHMANN, Mr. DESANTIS, Mr. GIBBS, Mr. MEADOWS, Mr. AMASH, 
Mrs. BROOKS of Indiana, Mr. FORBES, Mr. CALVERT, Mr. DESJARLAIS, 
Mr. MESSER, Mr. KING of Iowa, Mr. BENISHEK, Mr. HUDSON, Mr. 
HOLDING, Mr. ROE
of Tennessee, Mr. RADEL, Mr. KLINE, Mr. 
WENSTRUP, Mr. CRAWFORD, Mrs. ELLMERS, Mr. COBLE, Mr. CAMP-
BELL, Mr. GOSAR, Mr. FLEMING, Mr. REED, Mr. BISHOP of Utah, Mr. 
WOODALL, Mr. GRAVES of Missouri, Mr. LANKFORD, Mrs. WALORSKI, 
Mr. NUNNELEE, Mr. LATTA, Mr. PERRY, Mr. ROYCE, Mr. THORNBERRY, 
Mr. ROTHFUS, Mr. GINGREY of Georgia, Mr. ROSKAM, Mr. BARTON, Mr. 
SESSIONS, Mr. LUCAS, Mr. JOHNSON of Ohio, Mr. COLLINS of New 
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS
York, Mr. NUGENT, Mr. MCKINLEY, Mr. HARRIS, Mr. COTTON, Mr. 
STEWART, Mr. NEUGEBAUER, and Mr. BURGESS 
APRIL 30, 2013 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
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. 
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS
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 
‘‘(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. 
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6401
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS
(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 
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.’’. 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Full Faith and Credit 
Act’’. 
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS
SEC. 2. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC 
DEBT AND SOCIAL SECURITY TRUST FUNDS. 
(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 Secretary of the Treasury shall, in addition to any other 
authority provided by law, issue obligations under chapter 
31 of title 31, United States Code, to pay with legal tender, 
and solely for the purpose of paying, the principal and in-
terest on obligations of the United States described in sub-
section (b) after the date of the enactment of this Act. 
(b) OBLIGATIONS DESCRIBED.—For purposes of this 
subsection, obligations described in this subsection are obli-
gations which are— 
(1) held by the public, or 
(2) held by the Old-Age and Survivors Insurance 
Trust Fund and Disability Insurance Trust Fund. 
(c) OBLIGATIONS
EXEMPT
FROM
PUBLIC
DEBT 
LIMIT.—Obligations issued under subsection (a) shall not 
be taken into account in applying the limitation in section 
3101(b) of title 31, United States Code, to the extent that 
such obligation would otherwise cause the limitation in sec-
tion 3101(b) of title 31, United States Code, to be exceeded. 
(d) REPORT ON CERTAIN ACTIONS.— 
(1) IN GENERAL.—If, after the date of the enact-
ment of this Act, the Secretary of the Treasury exer-
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6203
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS
cises his authority under subsection (a), the Secretary 
shall thereafter submit a report each week providing 
an accounting relating to— 
(A) the principal on mature obligations and 
interest that is due or accrued of the United 
States, and 
(B) any obligations issued pursuant to sub-
section (a). 
(2) SUBMISSION.—The report required by para-
graph (1) shall be submitted to the Committee on 
Ways and Means of the House of Representatives and 
the Committee on Finance of the Senate. 
(3) 
TERMINATION.—The 
report 
requirement 
under paragraph (1) shall cease to apply after the 
date of the enactment of the first increase in the limi-
tation in section 3101(b), United States Code, after 
the date of the enactment of this Act. 
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6203
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS
Union Calendar No. 29 
113TH CONGRESS 
1ST SESSION 
H. R. 807 
[Report No. 113–48] 
A BILL 
To require that the Government prioritize all obli-
gations on the debt held by the public in the 
event that the debt limit is reached. 
APRIL 30, 2013 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Mar 15 2010 
21:42 Apr 30, 2013
Jkt 029200
PO 00000
Frm 00008
Fmt 6651
Sfmt 6651
E:\BILLS\H807.RH
H807
mstockstill on DSK4VPTVN1PROD with BILLS