Pat Toomey's Solution to the Debt Ceiling Mess: Just Promise to Pay People Back

Reporting on Politics and Policy.
Jan. 25 2011 5:41 PM

Pat Toomey's Solution to the Debt Ceiling Mess: Just Promise to Pay People Back

I missed it last week, but Sen. Pat Toomey (R-Penn.) responded to panic over what will happen if there's no rise in the debt ceiling with a Wall Street Journal op-ed promising to fix that. He introduced his legislation, the "Full Faith and Credit Act," today, and has fifteen Republican co-sponsors, including new senators Ron Johnson, Mike Lee, and Rand Paul.

A BILL

To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ''Full Faith and Credit Act’’.

SEC. 2. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY THE PUBLIC.

In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the authority of the Department of the Treasury provided in section 3123 of title 31, United States Code, to pay with legal tender the principal and interest on debt held by the public shall take priority over all other obligations incurred by the Government of the United States.

David Weigel is a Slate political reporter. 

TODAY IN SLATE

Doublex

Crying Rape

False rape accusations exist, and they are a serious problem.

Scotland Learns That Breaking Up a Country Is Hard to Do

The Most Terrifying Thing About Ebola: It Preys on the Compassionate

The Music Industry Is Ignoring Some of the Best Black Women Singing R&B

How Will You Carry Around Your Huge New iPhone? Apple Pants!

Culturebox

Theo’s Joint and Vanessa’s Whiskey

No sitcom did the “Very Special Episode” as well as The Cosby Show.

Television

The Other Huxtable Effect

Thirty years ago, The Cosby Show gave us one of TV’s great feminists.

Cliff Huxtable Explains the World: Five Lessons From TV’s Greatest Dad

Why Television Needs a New Cosby Show Right Now

  News & Politics
The World
Sept. 19 2014 12:33 PM The Precarious Predicament of Russia’s Neighbors
  Business
Moneybox
Sept. 19 2014 12:09 PM How Accelerators Have Changed Startup Funding
  Life
The Vault
Sept. 19 2014 12:08 PM The CIA Used to Have a Commute-by-Canoe Club. One Member’s Memories.
  Double X
The XX Factor
Sept. 19 2014 11:33 AM Planned Parenthood Is About to Make It a Lot Easier to Get Birth Control
  Slate Plus
Slate Picks
Sept. 19 2014 12:00 PM What Happened at Slate This Week? The Slatest editor tells us to read well-informed skepticism, media criticism, and more.
  Arts
Brow Beat
Sept. 19 2014 12:10 PM Watch the Trailer for Big Eyes, a Tim Burton Movie About People With Normal-Sized Eyes
  Technology
Future Tense
Sept. 19 2014 12:38 PM Forward, March! Nine leading climate scientists urge you to attend the People’s Climate March.
  Health & Science
Medical Examiner
Sept. 19 2014 12:13 PM The Most Terrifying Thing About Ebola  The disease threatens humanity by preying on humanity.
  Sports
Sports Nut
Sept. 18 2014 11:42 AM Grandmaster Clash One of the most amazing feats in chess history just happened, and no one noticed.