Last week Congress passed the Full Faith and Credit Act (H.R. 807) by 51%. In Congressman Markwayne’s email newsletter, the Mullin Messenger for May 10th, the Congressman wrote:
“On Wednesday, I voted in support of the Full Faith and Credit Act (H.R. 807) which will provide a safeguard against our nation defaulting on its debt. If a scenario presents itself where our nation reaches its debt limit, the Full Faith and Credit Act will allow the Treasury Department to prioritize payments not only protecting against default, but also ultimately protect our families and businesses, as well as the nation’s credit rating.
In order for our nation to get off the path of out-of-control spending, we must put measures in place like the Full Faith and Credit Act that will require fiscal accountability and responsibility.”
Congressman Justin Amash and Congressman Thomas Massie were two Representatives who voted against this bill.
Both Congressman spent time late into the nightstudying the bill and drawing graphs to see the full implications of this bill.
Their conclusions, after spending much time was:
Congressman Massie wrote,
“I voted against the Full Faith and Credit Act today because it is a stealth debt limit increase.
While I could support the idea of debt prioritization, this bill does not do that.
The original prioritization language was gutted in committee and replaced with language allowing the federal government to continue the status quo of irresponsible spending.
By exempting interest payments and many principal rollovers from the debt limit, this bill now permits, and even incentivizes, the government to continue issuing trillions of dollars of new debt.
Instead of helping to bring the national debt under control, passage of this bill will only make a bad problem worse.”
Congressman Amash wrote,
“We read the amended Full Faith and Credit Act (H R 807). We graphed it (his graphs were more impressive). And we came to the same conclusion: It’s a stealth debt limit increase.”
I appreciate Congressmen who are studying hard to be able to vote for the best interest of the people they represent, even if it means they vote against their Party. I’ll give Congressman Markwayne Mullin the benefit of the doubt, as Congressman Massie wrote that he did not think many people realized it was a debt limit increase. And, of course on pieces of legislation, there are going to be different interpretations of the bill.
This should just encourage Markwayne Mullin to make sure he studies hard and fully understands the pieces of legislation that he is voting on. Because these pieces of legislation will ultimately affect those of us back at home in his District.