March 4, 2013, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement urging the House to pass H.R. 807, the Full Faith and Credit Act, that would prioritize interest payments to our creditors in the event the debt ceiling is reached, and to tie it to the upcoming continuing resolution due by March 27:
“We are pleased the Republican Study Committee has offered up the Full Faith and Credit Act that will ensure that never again is a vote on the debt ceiling treated as a vote on default. No president or Secretary of the Treasury should ever have the option of whether or not to service the debt. It is shocking that skipping payments is even allowable under the law.
“The House should tie passage of the Full Faith and Credit Act to the must-pass continuing resolution due March 27. It is critical that this occur prior to the next round of votes set to occur on the debt ceiling, which has been suspended until May 19, in order to take Obama’s threat of default off the table in debt ceiling negotiations.
“If this reform is not passed by then, Obama will be able to run the table on Congress by again threatening default. Except this time, he could demand that the debt ceiling be indefinitely suspended or eliminated altogether, removing any legal constraint on the unbridled expansion of the debt, now nearly $16.7 trillion, a sinkhole which threatens to swallow not neighborhoods, but the entire economy and global financial system.”
Interview Availability: Please contact Adam Bitely at (703) 383-0880 ext. 126 or at firstname.lastname@example.org to arrange an interview with ALG President Bill Wilson.