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H.R.807 - Full Faith and Credit Interest Exemption Bill

H.R.807 - Full Faith and Credit Interest Exemption Bill. Originally, H.R.807 was a “debt limit” prioritization bill, but the final version exempted interest expenses from the debt limit.

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H.R.807 - Full Faith and Credit Interest Exemption Bill

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  1. H.R.807 - Full Faith and CreditInterest Exemption Bill • Originally, H.R.807 was a “debt limit” prioritization bill, but the final version exempted interest expenses from the debt limit. • In the event the debt limit is reached, this bill would allow the Treasury Department to borrow outside the debt limit to pay principal and interest, thus preventing a sovereign default. • However, what if the budget is in primary balance? The debt limit would no longer need to be raised.

  2. Under the Republican Budget and the Full Faith and Credit Exemption Legislation, the Federal Government FY2014 shortfall is $252 billion. FY2014 Shortfall (Borrowing, Cuts, Asset Sales?) $252 Billion FY2014 Revenues: $3.024 Trillion Borrowing Authority (Debt Limit Exempted Interest From H.R. 807) $237 Billion $Billions

  3. FY2014 CBO Baseline FY2014 Republican Budget FY2014 RSC Budget

  4. $Billions

  5. $Billions

  6. $Billions

  7. $Billions

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