Fitzpatrick: We Must Take Defaulting Off the Table

Fitzpatrick: We Must Take Defaulting Off the Table

 

WASHINGTON, DC – Congressman Mike Fitzpatrick (PA-8) voted Thursday to remove the threat of default on the national debt.

The Full Faith and Credit Act [H.R. 807], which passed the House by a 221 to 207 vote, directs the United States Treasury to pay principal and interest due to the Social Security Trust fund and on debt held by the public before making any other payments -- in the event the debt ceiling is reached. 

“Today’s vote tells the American public- and the world- that Washington is serious about addressing our government’s spending addiction,” said Fitzpatrick. “By taking the option of default off the table, we’re acknowledging that every dollar we spend that we don’t have has very real consequences.

“This bill puts priority on paying back money to those you have put their faith in the credit of the United States,” continued Fitzpatrick. “As we have since our inception as a nation, we owe it to our creditors to make good on our obligations- I intend to see that through.”

Earlier this week, Fitzpatrick submitted an amendment that, if accepted, would have protected pay for soldiers and law enforcement personnel if borrowing limits are reached, or there is an interruption in appropriations. 

“While the SHEILD Amendment was not attached to the measure voted on today, it does line up with my priorities and the priorities of the American people,” said Fitzpatrick. “We owe it to the brave men and women who protect us on the front lines and in our communities- to make sure their pay doesn’t become a political pawn in the larger fiscal debate in Washington.”

The Full Faith and Credit Act now moves to the Senate where similar legislation, introduced by Sen. Pat Toomey, is being considered.

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Congressman Mike Fitzpatrick is serving his third term in the U.S. House of Representatives. He represents Pennsylvania’s 8th district which includes all of Bucks County as well as a portion of Montgomery County. He serves as the Vice Chairman of the House Financial Services Subcommittee on Oversight and Investigations.