Summary of Amendments Submitted to the Rules Committee for H.R. 807 - Full Faith and Credit Act

Summaries Derived from Information Provided by Sponsors

Listed in Alphabetical Order

May 6, 2013 2:59 PM

Click on sponsor for amendment text.

Amash (MI)

#12

LATE REVISED Adds a “claw back” provision that requires debt issued over the debt limit to be repaid with subsequent receipts.

Camp (MI)

#14

LATE WITHDRAWN Amends the title to reflect that the bill requires payment of all obligations on the debt held by the public in the event that the debt limit is reached.

Camp (MI)

#15

LATE Clarifies language to require that the Secretary report to Congress any time the new authority is used.

Cooper (TN)

#1

Stops congressional pay if the U.S. defaults on the national debt.

Delaney (MD)

#10

Affirms that the debt of the U.S. cannot be prioritized and enables the President to raise the debt ceiling if Congress passes a budget that the Congressional Budget Office determines shall by the end of the 10 fiscal year period result in the debt held by the public being at or below 70 percent of the gross domestic product of the United States.

Fitzpatrick (PA)

#7

Protects the pay and allowances of members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including reserve components thereof, who perform active service and the pay and allowances of critical law enforcement officers who are employed by Federal agencies.

Flores (TX)

#2

Prioritizes military pay after payments of any principal and interest on obligations of the United States.

Grayson (FL)

#3

Adds obligations held by the Military Retirement Fund to the list of eligible obligations on which the Secretary of the Treasury must continue to pay principal and interest when the statutory debt limit is reached.

Grayson (FL)

#4

Adds obligations held by the Federal Hospital Insurance Trust Fund (Medicare) to the list of eligible obligations on which the Secretary of the Treasury must continue to pay principal and interest when the statutory debt limit is reached.

Grayson (FL)

#5

Inserts the word ‘American’ before ‘public’ on p. 6, line 15, to ensure that the payment of debt obligations held by the American public are prioritized over debt held by foreign nationals and governments.

Grayson (FL)

#6

Extends the extraordinary authority of the Secretary of the Treasury to issue new obligations when the statutory debt limit is reached (created by this bill) to any government activity authorized by law.

Honda (CA)

#16

SUBSTITUTE LATE Makes permanent a provision allowing the U.S. Treasury to pay our debts unless a supermajority in Congress acts to stop them. Under this process, the President will notify Congress when the nation is within $100 billion of the debt limit, and the Congress will have 15 days to adopt a resolution of disapproval (with a veto-proof majority) under expedited consideration. Permanently revises the procedure such that, by default, Congressional inaction results in an increase of the debt ceiling.

Hunter (CA)

#8

Requires payments to members of the Armed Forces for earned compensation.

Kuster, Ann (NH)

#9

Inserts a statement of purpose and a sense of Congress expressing that Congress should work on a bipartisan plan to responsibly reduce the deficit instead of a plan for defaulting on our nation's obligations.

Webster (FL)

#11

LATE WITHDRAWN Adds a new section at the end of the bill prioritizing the payment of other obligations. Ensures that revenue is first used to pay principal and interest on the debt, members of the Armed Forces, and benefits to senior citizens.

Welch (VT)

#13

LATE Ensures that the United States pay for all budget authority provided by Federal Law.