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On behalf of over a million FreedomWorks members nationwide, I urge you to cosponsor Sen. Toomey’s (R-PA) S.163 Full Faith and Credit Act. In the event that the debt ceiling is reached, the bill would require the United States Treasury to pay principle and interest on debt held by the public first. By prioritizing payments on the debt, this will ensure that the United States does not default on its debt and it will help rein in government’s out-of-control spending.
It is unacceptable that the United States could default on its debt. It is the obligation of the U.S. to honor our debt by repaying those who lend to us on time and in full. Due to Congress’ unprecedented spending binge, our national debt has skyrocketed to over $14 trillion. With Congress debating on raising the debt limit, the full faith and credit of the United States should not hang in the balance.
Failure to raise the debt ceiling would not necessarily cause the U.S. to default on its debt. Sen. Toomey’s bill is the Senate companion to an identical measure introduced in the House by Rep. McClintock (R-CA) in the House. As Sen. Toomey writes in the Wall Street Journal, the federal government still has by far enough money to fully service our debt even if the debt ceiling is not raised. He notes that the government has roughly 10 times more income needed to honor our debt obligations. The bill would protect millions of Americans, pension funds and local governments who have invested in U.S. treasuries. The federal government should protect their credit by pledging to pay off their debts first.
I urge you to cosponsor Sen. Toomey’s Full Faith and Credit Act. It makes it clear that the debt ceiling and defaulting on our debt need not be related. If the debt limit is reached, we must prioritize payments on the debt held by the public to prevent a default on our debt. Please cosponsor the Full Faith and Credit Act today.
President and CEO
[Click here for a pdf version of this letter.]