S.163 - Full Faith and Credit Act112th Congress (2011-2012)
|Sponsor:||Sen. Toomey, Pat [R-PA] (Introduced 01/25/2011)|
|Latest Action:||01/26/2011 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 2. (All Actions)|
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Summary: S.163 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (01/25/2011)
Full Faith and Credit Act - Requires the authority of the Department of the Treasury to pay the principal and interest on debt held by the public to take priority over all other obligations incurred by the government in the event the federal debt reaches the statutory limit.