U.S. Rep. Todd Rokita, a member of the House Budget Committee, released the following statement after voting in support of the Full Faith and Credit Act, which passed the House of Representatives today 221-207. Rokita is a cosponsor of the legislation which would prevent a default on the government's debt in the event it reaches the debt ceiling.
"Hoosiers rightly expect their government to pay its debt. In advance of the government reaching its debt limit -- the legal maximum it can borrow -- House Republicans acted to protect the full faith and credit of the United States by instructing the Treasury Department to prioritize our debts. Under this bill, the President can no longer issue threats of default -- an irresponsible scare tactic that has already led to our credit being downgraded on his watch.
"This legislation removes one more excuse the President has used to avoid spending cuts. Just as we have done for the past two years, we will continue our fight to rein in the cost, size, and scope of the federal government," said Rokita.
The Full Faith and Credit Act prevents default by requiring that the Treasury Department prioritize debt-service payments, including payments to the Social Security Trust Fund, in the event the debt ceiling is reached. The bill also protects the U.S. Credit Rating and provides certainty to our economy.