Today, U.S. Rep. Jim Renacci (OH-16) voted in favor of H.R. 807, "The Full Faith and Credit Act," which passed in the U.S. House of Representatives.
"We must not default," said Rep. Renacci. "It is that simple. Virtually every elected official, economist and American agrees that defaulting on our debt would be disastrous for our national credit rating and our economy. That is why I supported the "Full Faith and Credit Act.' It ensures that our debts will be paid -- even if the debt ceiling is not lifted -- effectively taking default off the table. I urge the Senate to take up this bill and the President to sign it. Then we can begin the difficult, but absolutely necessary, task of reining in the federal government's massive spending addiction so we do not continue to find ourselves in this position."
The "Full Faith and Credit Act" would only go into effect if an agreement to raise the nation's debt ceiling is not reached. If signed into law, the bill would require the President and the Treasury Department to roll over any principle and interest due on our current debt, meaning the federal government would continue to make its interest payments. The credit rating agencies Moody's and Standard & Poor's have stated that taking that action would prevent a default in their eyes. Importantly, this legislation would also ensure our nation's seniors and those with disabilities would still get their Social Security checks.
Rep. Renacci is serving his second term in the U.S. House of Representatives, where he is a member of the Ways and Means Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.