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Congresswoman Foxx on Full Faith & Credit Act1240 3WC
Washington,
May 14, 2013
“Washington has a spending problem. Every time the federal government approaches its debt limit, like clockwork, big spending politicians – from the White House down – begin threatening ‘default’ unless the government is able to continue with its spending binge. Such gamesmanship is a disservice to everyone."
Congresswoman Foxx on Full Faith & Credit Act
Monday, May 13, 2013 at 10:01AM 3WC DJ Congresswoman Virginia Foxx (R-NC) issued the following statement upon the passage of the Full Faith & Credit Act (H.R. 807), which Foxx cosponsored, from the House of Representatives: “Washington has a spending problem. Every time the federal government approaches its debt limit, like clockwork, big spending politicians – from the White House down – begin threatening ‘default’ unless the government is able to continue with its spending binge. Such gamesmanship is a disservice to everyone." The Full Faith & Credit Act requires that the U.S. Treasury always make debt payments to the public and Social Security Trust Fund, even when the federal government’s debt limit is reached. By taking the threat of default off the table, the United States’ credit rating will be protected, which is essential for economic growth, and seniors will have certainty regarding Social Security. The Congressional Budget Office affirms this legislation will not affect federal spending or revenues and contains no unfunded mandates. For more information, please visit Congresswoman Foxx’s website www.foxx.house.gov or call (202) 225-2071. |