Protect America's Credit Act of 2013

Summary

Protect America's Credit Act of 2013 - Modifies public debt limit requirements to specify that the debt limit amount applies only to debt held by the public. Reduces the public debt limit by the excess of: (1) the face amount of obligations issued under the federal government's borrowing authority and the face amount of obligations whose principal and interest are guaranteed by the federal government (except guaranteed obligations held by the Secretary of the Treasury), over (2) the face amount of obligations issued under such borrowing authority to the public and the face amount of obligations issued to the public whose principal and interest are guaranteed by the federal government. Requires an increase in the public debt limit each year by an amount equal to the product of such amount as in effect as of the close of the preceding calendar year multiplied by the percentage, if any, by which the Current-Dollar GDP for the third quarter of the preceding calendar year exceeds the Current-Dollar GDP for the third quarter of the second preceding calendar year. Defines "Current-Dollar GDP" as the current-dollar gross domestic product as computed and published by the Department of Commerce. Directs the Secretary to report to Congress annually regarding the increase in the debt limit that will take effect the next calendar year, including a description of how each increase in the statutory limit compares to the actual increase in debt.

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Timeline

1. 19 September 2013

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 19 September 2013

   Introduced

   Introduced in House

   Source: IntroReferral

3. 19 September 2013

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 19 September 2013 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 September 2013

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 19 September 2013

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 19 September 2013

  Open at official source

Sponsors

• Scott Peters · D · Sponsor
• Kurt Schrader · D · Sponsor
• Ann Kuster · D · Cosponsor
• Rep. Enyart, William L. [D-IL-12] · D · Cosponsor
• JAMES COOPER · D · Cosponsor
• Jared Polis · D · Cosponsor
• · hswm00 · Standing

Related records

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