,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #cadh  ,,in ,,the ,,house ,,of  
,,representatives  ,september #ai1      
#bjac,mr4 ,peters of ,california 7for   
himself and ,mr4 ,schrader7 introduced  
the following bill2 which was referred  
to the ,committee on ,ways and ,means   
,a ,,bill  ,to amend title #ca1 ,united 
,states ,code1 to apply the debt limit  
only to debt held by the public and to  
adjust the debt limit for increases in  
the gross domestic product4  #a4 ,short 
title ,this ,act may be cited as the    
,protect ,america's ,credit ,act of     
#bjac4  #b4 ,modification of debt limit 
7a7 ,application of debt limit only to  
debt held by the public  7#a7 ,in       
general ,section #caja7;b7 of title #ca1
 ,united ,states ,code1 is amended by   
striking ,the face amount of obligations
 issued under this chapter and the face 
amount of obligations whose principal   
and interest are guaranteed by the      
,united ,states ,government 7except     
guaranteed obligations held by the      

,secretary of the ,treasury7 and        
inserting ,the face amount of           
obligations issued under this chapter to
 the public and the face amount of      
obligations issued to the public whose  
principal and interest are guaranteed by
 the ,united ,states ,government4  7#b7 
,debt limit reduced by amount of debt no
 longer subject to limitation ,section  
#caja of title #ca1 ,united ,states     
,code1 is amended by adding at the end  
the following new subsection3  7d7      
,effective on the date of the enactment 
of this subsection1 the dollar amount in
 effect under subsection 7b7 shall be   
reduced by the excess of-- 7#a7 the face
 amount of obligations issued under this
 chapter and the face amount of         
obligations whose principal and interest
 are guaranteed by the ,united ,states  
,government 7except guaranteed          
obligations held by the ,secretary of   
the ,treasury7 determined as of the date
 of the enactment of this subsection1   
over  7#b7 face amount of obligations   

issued under this chapter to the public 
and the face amount of obligations      
issued to the public whose principal and
 interest and guaranteed by the ,united 
,states ,government determined as of    
such date4  4  7b7 ,adjustment of debt  
limit for increases in the gross        
domestic product ,section #caja of title
 #ca1 ,united ,states ,code1 as amended 
by subsection 7a71 is amended by adding 
at the end the following new subsection3
  7e7 7#a7 ,effective ,january #a of    
each calender year beginning after      
#bjac1 the dollar amount in effect under
 subsection 7b7 shall be increased 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 7if any7 by which--   
7,a7 the ,current-,dollar ,,gdp for the 
third quarter of the preceding calendar 
year1 exceeds  7,b7 the ,current-,dollar
 ,,gdp for the third quarter of the     
second preceding calendar year4  7#b7   
,the term ,current-,dollar ,,gdp means  

the current-dollar gross domestic       
product as computed and published by the
 ,department of ,commerce4  7#c7 ,on or 
before ,december #ca of each calendar   
year after #bjad1 the ,secretary of the 
,treasury shall submit a report to the  
,committee on ,ways and ,means of the   
,house of ,representatives and the      
,committee on ,finance of the ,senate   
which includes-- 7,a7 the amount of the 
increase in the debt limit which will   
take effect under paragraph 7#a7 on     
,january #a of the next calendar year1  
and  7,b7 a description of how each     
increase in the statutory limit compares
 to the actual increase in debt4  4