The House of Representatives has passed H.R. 807, the Full Faith and Credit Act. If the United States hits the debt ceiling, the legislation requires the US Department of Treasury to prioritize the payment of our debt and interest, and to pay seniors their Social Security. Congressman Westmoreland is a cosponsor of the legislation and supported it.
"President Obama continues to hold our economy hostage by linking payments that must be made, like debt payments and seniors' social security payments, to his pork-barrel spending projects," stated Westmoreland. "Now, the House has passed legislation that will take the threat of defaulting on our debt off the table without raising our debt ceiling once again. This legislation lets the president pay the bills we need to without giving him a blank check to continue his out-of-control spending."
Credit rating agencies Moody's and Standard & Poor have stated they will distinguish between defaulting on our debt and how the government treats other obligations when it comes to determining our credit rating -- meaning this legislation helps to stop another credit downgrade.
"This legislation protects our seniors and protects our country from receiving yet another credit downgrade under the Obama economy," stated Westmoreland. "It ensures we will not default on our debt payments or our promises to our seniors without raising the debt limit, and strengthens House Republicans negotiations so we can continue to make cuts to federal spending."
The legislation will now be sent to the Senate, but it is unlikely Democratic Senate Majority Leader Harry Reid will allow it to come to the floor for a vote since it does not give the president unilateral authority to raise the debt ceiling as he pleases. However, Congressman Westmoreland urges Majority Leader Reid to set aside partisan politics to protect the security of our nation's economy and to protect our nation's seniors.