Congressman Tim Griffin (AR-02), a member of the Ways and Means Committee, issued the following statement after House passage of the Full Faith and Credit Act (H.R. 807), which he cosponsored:
"No one wants to hit the debt ceiling, and that's why House Republicans are fighting to cut waste and reduce government spending to responsible levels. We understand the importance of protecting and restoring the credit rating of the United States, and that defaulting on our debt is an unacceptable, worst-case scenario. This bill takes default off the table by requiring the government to honor its debt obligations, most of which are to Americans. It's a backstop, and it's my intention to help reach a budget agreement that preserves our nation's credit rating."
According to the U.S. Treasury, America's national debt is $16.8 trillion, or more than $212,000 for each family of four. Since President Obama took office, the national debt has increased $6.2 trillion.