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Public Statements

In Opposition to the Full Faith and Credit Act

Floor Speech

Location: Washington, DC

Mr. GENE GREEN of Texas. Mr. Speaker, today I rise in opposition to the Full Faith and Credit Act, H.R. 807. This bill would allow the Secretary of the Treasury to take all necessary actions to ensure U.S. public debt obligations are paid when due and allows the Secretary to forego obligations not related to public debt. What this means, essentially, is all foreign debt will take precedence over repaying important domestic programs, such as Social Security. We should pass legislation that Social Security be paid for first, not the foreign debt. Social Security is not contributing one penny to our national debt. We must remember that it's one of the most important commitments that America has made to its citizens.

The U.S. Government has purchased credit known as "special obligations'' from Social Security. The credits are backed by ``the full faith and credit of the U.S. Government,'' with the promise to redeem these credits. I support repaying the Social Security trust fund before any other debt is paid. Pay Social Security first before we pay other countries.

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