Debt Crisis: Republicans Prioritize Debt Payments, "Plan for Best, Prepare for Worst"

July 26, 2011

12:30 pm, Central

Diane W. Collins



Sen. Pat Toomey (R-)

The Full Faith and Credit Act 2011

Sen. Pat Toomey (R-PA) and thirty-one senators cosponsored a bill today that, "plans for the best but prepares for the worst." The Full Faith and Credit Act 2011 would prioritize the Treasury debt payments in case Congress does not reach a solution to the debt limit crisis.


The Republican senators were joined by like-minded Republican representatives who expressed concern Speaker Boehner's compromise plan did not have the votes to pass the House on Wednesday. In fact, the prospect of a Wednesday vote currently seems unlikely. In the Senate, Majority Leader Harry Reid (D-NV) is bringing his "Plan B" option, S.1323 to the floor of the Senate today at 2:15 pm, Eastern.


Sen. Toomey along with the other congressmen voiced logical solutions to the debt payment process in the event the debt ceiling is not raised and expressed their exasperation with the President and Secretary Geithner for scaring the American people, especially bond holders, seniors, and our active duty military. Toomey's bill is a measure that would provide assurance to bond holders that we will not default on our sovereign debt obligations; that seniors will receive their social security checks on time; and that those who serve to keep America safe, our military will not see an interruption in the pay.


Sen. Toomey has been in the forefront of the battle to protect the full faith and credit of the United States since Treasury Secretary sent his "potential default" letters to Congress in January 2012. To see a timeline of evens be sure to check "Further Reading" below. Then contact your senators and representatives. Let them know you support their efforts to save the AAA credit rating of the United States and protect our seniors and military families.



Contact: Representatives, Contact: Senators








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