H.R. 3148 · 113th Congress
Protect America's Credit Act of 2013
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PetersSponsor5 cosponsors · 5 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Sep 19, 2013
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protect America's Credit Act of 2013
Latest action (Sep 19, 2013): Referred to the House Committee on Ways and Means.
Policy area: Economics and Public Finance · Origin: House · Introduced: Sep 19, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.