Full Faith and Credit Act

[AI summary unavailable — showing source text] Full Faith and Credit Act - Finds that the Secretary of the Treasury shall take all necessary actions to ensure all U.S. obligations with regard to debt held by the public (public debt) are fully discharged when due. Declares that such actions may include the forgoing of obligations not related to public debt for a period of time the Secretary deems necessary. Requires the authority of the Department of the Treasury to pay with legal tender the principal and interest on public debt to take priority over all other obligations incurred by the U.S. government in the event that the federal debt reaches the statutory limit. Prescribes a special rule for insufficiency of funds to make public debt payments. Requires the Secretary, if expecting there will be insufficient funds available to dispose of public debt obligations on the next calendar day on which they are due, to extend the maturities of any other obligations and refuse to issue warrants (for any money drawn on the Treasury) to the extent necessary to provide funds the Secretary deems prudent to dispose of public debt obligations within the next 30 days. Requires the Secretary, if receipts exceed those required to meet such publ…