Olson Votes to Protect America's Full Faith and Credit
Rep. Pete Olson (R-TX) today acted to protect the full faith and credit of United States by voting for H.R. 692, the Default Prevention Act. This bill ensures the sovereign debt of the United States Government will be paid in full and on time. If the debt limit is reached, under H.R. 692, the Treasury Secretary may continue to borrow above the limit for the sole purpose of paying principal and interest due on the debt, thereby guaranteeing the debt of the United States is honored.
â€œGoverning by crisis is not in the best interests of Americans or those who hold our debt,â€ Rep. Olson said. â€œThe debate and resolution on how to address the debt limit is an important tool for Congress to assess our spending and adjust it accordingly. As we continue to discuss how to tackle the debt ceiling in the weeks to come, this bill will allow us to maintain our ability to make payments on the debt we have accrued. Iâ€™m pleased the House acted and I urge the Senate to do so as well.â€
H.R. 692 was passed in the House by a vote 235 â€“ 194.
Media Contact: Melissa Kelly