Washington, D.C. – Congressman David Schweikert (R-AZ), a member of the House Financial Services Committee, introduced the Ensuring the Full Faith and Credit of the United States and Protecting America’s Seniors and Soldiers Act Tuesday. This bill will codify the Treasury’s authority to pay military, Social Security, and our bond coupons in the event the debt ceiling is not increased:
“While this Administration continues to use scare tactics and create panic, Congressional Republicans are once again putting forth a solution to ensure our payment obligations are met in the event the debt ceiling is not increased.
“This legislation will ensure that our payments are made to our debt services, seniors receiving Social Security, and active-duty military. These obligations should be our priority, and there is more than enough cash flow to cover each of these payments.
“I am extremely frustrated with the disingenuous use of language coming from this Administration. Over and over we have heard the word ‘default.’ The fact of the matter is we have the cash flow available to pay interest on debt if the limit is reached. Paying interest is not default.
“Unfortunately, this Administration has persisted in denying that it can or will prioritize these payments. I and my colleagues will not allow these scare tactics on our seniors or military to continue. We are stepping up and offering this language so the Administration can stop playing disingenuous games.”
NOTE: For pictures of the press conference, click here.