Washington, D.C. – Congressman David Schweikert made the following statement as an original cosponsor of H.R. 421, the Full Faith and Credit Act. This bill has also been introduced in the Senate by Sen. Pat Toomey:
“We have heard time and again that America has a spending problem. No issue is more indicative of this problem than that of our national debt limit. The reason Congress is being forced to deal with the debt is because of a massive increase in irresponsible spending, bailouts, and failed stimulus packages.
“The Full Faith and Credit Act directs the United States Treasury to pay principal and interest due on public debt before making any other payments if the debt ceiling is reached. This will avoid the potential of a sovereign debt crisis and will require us to have an honest conversation about the policies that require Congress to continually re-visit the debt limit year after year. It will also hold Secretary Geithner accountable to set aside politics and address our real problem of runaway federal spending so default is not even an option.
“This bill will ensure that the government honors the many individuals and institutions who have invested in U.S. securities. These investors deserve better treatment and their investment in our nation’s future should not be held to the political whims of the Obama Administration.
“We must keep good on our obligation to pay off our debt, protect taxpayers, grow our economy, and stop the out-of-control spending that got us here in the first place.”