Press Releases

Representative Larry Bucshon voted “Yes” on H.R. 807, the Full Faith and Credit Act, a bill introduced by Rep. Tom McClintock (R-CA) that credibly and permanently removes any threat of default on the United States’ Treasury debt.  H.R. 807 accomplishes this by requiring the U.S. Treasury Department to assure the full and prompt payment of principal and interest on the debt – effectively eliminating the threat of default as an option during debt negotiations. 

This will only go into effect in the occurrence that the debt limit is reached and the Treasury Department does not have the authority to issue debt on new spending. 

Representative Bucshon (IN-08) released the following statement:

“Our national debt is reaching $17 trillion dollars. We need responsible solutions that will address our spending problem while preserving the full faith and credit of the United States. 

“The Full Faith and Credit Act is absolutely essential to moving forward with meaningful debate on how to address our nation’s growing debt.  In previous debt ceiling negotiations, the President and his allies in Congress have used the threat of default to negotiate for increases in taxes and spending.  H.R. 807 removes this tool and ensures that default is completely and clearly off the table during these discussions.”

“Even the threat of default creates instability in our markets, uncertainty with our families, and compromises our role as a global economic leader. This bill makes sure that we live up to all of our obligations.”