Full Faith and Credit Act of 2013

Bill: 113-hr-290
Sponsor: full_name: Rep. Nadler, Jerrold [D-NY-10]
Introduced: 2013-01-15
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Latest action: action_date: 2013-01-15
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-01-15
action_desc: Introduced in House
text: <p class="MsoNormal">Full Faith and Credit Act of 2013 - Repeals public debt limit requirements. &nbsp;Limits the issuance of obligations for the public debt only to fund commitments incurred by the federal government that require current funding. (Thus eliminates the statutory cap on the public debt.)</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 290 IN THE HOUSE OF REPRESENTATIVES January 15, 2013 Mr. Nadler (for himself, Mr. Johnson of Georgia , Mr. Moran , Mr. Blumenauer , Ms. Schakowsky , Mr. Ellison , Ms. McCollum , and Mr. Welch ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title 31, United States Code, to eliminate the statutory cap on the public debt and to place limitations on the purposes for which public debt may be issued.

1. Short title This Act may be cited as the Full Faith and Credit Act of 2013 . 2. Limitation on obligations (a) In general Section 3101 of title 31, United States Code, is amended to read as follows: 3101. Limitation on obligations Obligations may only be issued under this chapter to fund commitments incurred by the Federal Government that require current funding. . (b) Conforming amendments (1) Section 3130(e)(2) of title 31, United States Code, is amended by inserting , as in effect on the day before the date of the enactment of the Full Faith and Credit Act of 2011 before the period at the end. (2) The table of contents for chapter 31 of title 31, United States Code, is amended by amending the item relating to section 3101 to read as follows: 3101. Limitation on obligations. .