Rep. Scott Garrett to outline ways to avoid Aug. 2 default, 2 pm June 21

U.S. Rep. Scott Garrett, R-N.J., chairman of the House capital markets subcommittee, will discuss a bill that would give priority to repaying outstanding debt when the limit is reached at a Newsmaker press conference at 2 p.m. Tuesday, June 21, in the Zenger Room.

Garrett says U.S. debt-limit disruptions would be avoided if the Treasury Department was directed to spend the revenues that come in after Aug. 2 on repaying bond holders ahead of other obligations. He is the prime sponsor of H.R. 421, the Full Faith and Credit Act, which would put that policy in place.

Garrett will discuss the effect he believes such a law would have and ways he says Congress should use the debt limit to force the government to live within its means.