HR 3774
114th Congress
House
Economics and Public Finance
Budget deficits and national debt
Congressional oversight
Economic performance and conditions
Protect America's Credit Act of 2015
Introduced: October 20, 2015
Introduced by:
Peters, Scott H.
Democratic
· California
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 20, 2015
Referred to the House Committee on Ways and Means.
Oct 20, 2015
Introduced in House
Plain-English summary
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.)
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1