But Republican Study Committee Chairman Jim Jordan (R-Ohio), who is a cosponsor of McClintock's bill, said the administration is using "scare tactics" to get the ceiling lifted and allow more spending.
"A pitiful scare tactic is being used by the Treasury Secretary in the debt ceiling debate,” said Jordan. “Secretary Geithner knows full well that he has the authority to prioritize federal spending so that default is not an option. This bill will take Secretary Geithner’s disastrous scenario completely off the table.”
Because the Constitution gives the House of Representatives the power of the purse the Treasury must spend within limits set by the Congress.
According to a press release from McClintock's office, H.R. 421 or the "Full Faith and Credit Act," is also being co-sponsored by Reps. Virginia Foxx (R-N.C.) and Scott Garrett (R-N.J.).
A companion bill was also introduced in the Senate on Tuesday by Sen. Pat Toomey (R-Pa.).