3.0.0 3774 2023-01-11T13:29:38Z 2023-01-11T13:29:38Z House HR 2015-10-20 114 [Congressional Record Volume 161, Number 153 (Tuesday, October 20, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PETERS:H.R. 3774.Congress has the power to enact this legislation pursuantto the following:Clause 2 of section 8 of article I of the Constitution.[Page H7027]]]> hswm00 Ways and Means Committee House Standing Referred to 2015-10-20T16:01:15Z 2015-10-20 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-10-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-10-20 Introduced in House IntroReferral 1000 9 Library of Congress P000608 Rep. Peters, Scott H. [D-CA-52] Scott Peters D CA H. 52 N C000754 Rep. Cooper, Jim [D-TN-5] JAMES COOPER D TN H. 5 2015-10-20 True Economics and Public Finance Budget deficits and national debt Congressional oversight Economic performance and conditions Economics and Public Finance 00 2015-10-20 Introduced in House 2015-12-08T16:58:23Z Protect America's Credit Act of 2015

This bill revises the statutory debt limit to: (1) apply the limit only to debt held by the public, and (2) require annual adjustments to the limit to account for increases in the gross domestic product.

(Under current law, the debt limit applies to debt held by the public and debt held by government accounts. Debt held by the public consists mainly of securities issued by the Treasury and held by investors. Debt held by the government is debt issued to the federal government's trust funds for programs such as Social Security, Medicare, and military and civil service retirement benefits.)

]]> Protect America's Credit Act of 2015 Display Title Protect America's Credit Act of 2015 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 2015 Introduced in House 2015-10-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3774ih/xml/BILLS-114hr3774ih.xml 2015-10-20 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.