Letter of Support for Full Faith and Credit Act, S. 46 and H.R. 807
Dear Senator Toomey and Representative McClintock:
On behalf of more than two million Americans for Prosperity activists in all 50 states, I write in support of the Full Faith and Credit Act (S. 46 and H.R. 807). The most responsible action consistent with limited-government principles is to acknowledge past debts, pay them and simultaneously make the spending cuts needed to correct our fiscal imbalance.
The United States’ credit rating is far too important for some Washington lawmakers and the media to manipulate it for political purposes. Unfortunately, that is precisely what we’ve witnessed in recent history. As the country once again faces raising the debt ceiling, big government advocates are panicking to ensure that their programs are insulated from the necessary fiscal reforms that are sweeping the country. The Treasury Department already has the discretionary authority to prioritize debt payments. This legislation would simply ensure that the Treasury lives up to those obligations. It would also quiet the irresponsible rhetoric on the Left that the federal government is in danger of default.
Your legislation ensures that the very first expenditure the Treasury makes will be to live up to our existing debt. The country has more than enough tax revenue coming in to cover the interest on the national debt. The federal government will not default as long as it prioritizes its payments on debt.
Now is the time to end the demagoguery over whether the country is going to default on its debt obligations and have a serious conversation about spending. I urge your colleagues to support your legislation and then to take the all-important next steps to put the budget on a path that will mitigate the need for these measures in the future.
Director of Policy
Americans for Prosperity