Full Faith and Credit Act



http://mcclintock.house.gov/2011/01/...he-house.shtml



This bill was introduced way back in January by forward-thinking Republicans in the House and Senate who said if the debt ceiling isn’t raised, the Treasury Secretary should pay principal and interest on the debt first, avoiding a default. Of course, Harry Reid blocked it in the Senate, and Obama said he would veto it.

What I find amusing is that Moody’s is saying if the U.S. does not take on more debt, it will downgrade us. Can you imagine if I told a credit card company I can’t make the payment, but if they’d lend me more money with which to make the payment I’d be a better credit risk?