3.0.0 3148 2023-01-11T13:24:10Z 2023-01-11T13:24:10Z House H HR 2013-09-19 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PETERS of California:H.R. 3148.Congress has the power to enact this legislation pursuantto the following:Congress has the power to lay and collect taxes, duties,imports, and excises, to pay the debts and provide for thecommon defense and general welfare of the United States; butall duties, imposts and excises shall be uniform thought theUnited States.[Page H5767]]]> hswm00 Ways and Means Committee House Standing Referred to 2013-09-19T14:03:50Z 2013-09-19 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2013-09-19 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-09-19 Introduced in House IntroReferral 1000 9 Library of Congress P000608 Rep. Peters, Scott H. [D-CA-52] Scott Peters D CA H. 52 N S001180 Rep. Schrader, Kurt [D-OR-5] Kurt Schrader D OR 5 2013-09-19 True K000382 Rep. Kuster, Ann M. [D-NH-2] Ann Kuster D NH M. 2 2013-11-15 False E000292 Rep. Enyart, William L. [D-IL-12] William Enyart D IL L. 12 2013-11-15 False C000754 Rep. Cooper, Jim [D-TN-5] JAMES COOPER D TN H. 5 2013-11-15 False P000598 Rep. Polis, Jared [D-CO-2] Jared Polis D CO 2 2013-11-15 False Economics and Public Finance Budget deficits and national debt Congressional oversight Economic performance and conditions Economics and Public Finance 00 2013-09-19 Introduced in House 2013-10-02T17:14:49Z 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.

]]> Protect America's Credit Act of 2013 Display Title Protect America's Credit Act of 2013 Official Title as Introduced To amend title 31, United States Code, to apply the debt limit only to debt held by the public and to adjust the debt limit for increases in the gross domestic product. Introduced in House IH Short Titles as Introduced Protect America's Credit Act of 2013 Introduced in House 2013-09-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3148ih/xml/BILLS-113hr3148ih.xml 2013-09-19 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.