WASHINGTON, D.C. - U.S. Senator Pat Toomey (R-Pa.) introduced a bill today that would eliminate the possibility of federal government default and ensure that our soldiers and seniors receive the benefits they deserve if Congress does not immediately raise the debt ceiling.

Sen. Toomey's Full Faith and Credit Act (S. 46) instructs the Treasury Secretary that, in the event that Congress does not raise the debt limit at the point at which the Treasury Department runs out of extraordinary measures, the service of our debt would be the highest priority. The bill takes the specter of default off the table and permits an honest discussion about what the real implications of reaching the debt limit are without raising it.  This legislation also protects our seniors and soldiers and preserves the benefits they have earned.

"We need to take the possibility of default off the table as we negotiate the spending cuts and reforms that should be tied to any debt limit increase," Sen. Toomey said. "The Full Faith and Credit Act will allow us to have that conversation by eliminating the possibility for default in case the debt ceiling is not raised promptly upon reaching it.  Delaying an increase in the debt ceiling in order to achieve spending discipline would be disruptive, but worse still would be to simply continue the irresponsible deficit spending that jeopardizes our economic future."

The bill cosponsors are:   Senators David Vitter (R-La.); Mike Lee (R-Utah); Marco Rubio (R-Fla.);  Mike Enzi (R-Wyo.);  John Barrasso (R-Wyo.); Saxby Chambliss (R-Ga.); James Inhofe (R-Okla.); Roy Blunt (R-Mo.); Ron Johnson (R-Wis.); Dean Heller (R-Nev.); Jeff Flake (R-Ariz.); Jim Risch (R-Idaho); Kelly Ayotte (R-N.H.),  Johnny Isakson (R-Ga.), Charles Grassley (R-Iowa); and Ted Cruz (R-Tex.)