March 25, 2013

Dear Representative McClintock and Senator Toomey:

On behalf of over 500,000 members and supporters of Citizens United in all nationwide, I write to express our support for your legislation, the "Full Faith and Credit Act" (H.R. 807 and S. 46). Citizens United is proud to stand with the Republican Study Committee in their endorsement of this important bill.

Due to years of fiscal irresponsibly, America's elected leadership is set to embark upon another heated debate over raising the debt ceiling, our government's statutory borrowing limit. With partisan gridlock regrettably expected before the deadline is met, it is critical for the American economy that we preserve the nation's creditworthiness. This can only happen by eliminating the potential of default on all federal debt obligations.

If the debt ceiling isn't raised on time, the Full Faith and Credit Act will require the first payments made by United States Treasury would always be on existing debt. Because the Office of Budget and Management (OBM) estimates the federal government brings in approximately 10 times more than its liabilities, this will require the Federal government to use its substantial resources to pay creditors in full and on time.

Last time we had this debate, thanks to the excessive discretion given to the White House, President Obama was able to create a false sense of urgency and panic while holding America's economy hostage to support his reckless spending priorities. This time, not only does President Obama plan to threaten default, he will use this political tactic in hopes of eliminating the debt ceiling entirely, giving him a limitless credit card to push an extreme liberal agenda and expand federal spending to once catastrophic levels.

Credit rating agencies such as Egan-Jones and Standard & Poor's have already downgraded the credit rating of the federal government, which directly impacts interest rates and the financial markets. This trend must not continue.

America has a spending problem that must be stopped and reformed. Tax revenues are set to reach record levels this year, and there is no reason to allow the Obama Administration to avoid paying America's pre-existing debt obligations.

All Representatives and Senators should join you in co-sponsoring the Full Faith and Credit Act, and it should be voted on in the House and Senate immediately. Any roll-call votes on this legislation will be included in Citizens United's 2013 Congressional Ratings.

Sincerely,

David N. BossiePresident, Citizens United

1006 Pennsylvania Avenue, SE Washington, DC 20003Phone: (202) 547-5420 Fax: (202) 547-5421 citizensunited.org

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