,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #cadh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #ai1        
#bjac,mr4 ,pet]s ( ,cali=nia 7= himself 
& ,mr4 ,s*rad]7 introduc$ ! foll[+ bill2
 :i* 0 ref]r$ to ! ,committee on ,ways &
 ,means  ,a ,,bill  ,to am5d title #ca1 
,unit$ ,/ates ,code1 to apply ! debt    
limit only to debt held by ! public & to
 adju/ ! debt limit = increases 9 !     
gross dome/ic product4  #a4 ,%ort title 
,?is ,act may be cit$ z ! ,protect      
,am]ica's ,cr$it ,act ( #bjac4  #b4     
,modification ( debt limit  7a7         
,application ( debt limit only to debt  
held by ! public  7#a7 ,9 g5]al ,section
 #caja7;b7 ( title #ca1 ,unit$ ,/ates   
,code1 is am5d$ by /rik+ ,! face am\nt (
 obligations issu$ "u ?is *apt] & ! face
 am\nt ( obligations ^: pr9cipal &      
int]e/ are gu>ante$ by ! ,unit$ ,/ates  
,gov]nm5t 7except gu>ante$ obligations  
held by ! ,secret>y ( ! ,treasury7 &    
ins]t+ ,! face am\nt ( obligations issu$
 "u ?is *apt] to ! public & ! face am\nt

 ( obligations issu$ to ! public ^:     
pr9cipal & int]e/ are gu>ante$ by !     
,unit$ ,/ates ,gov]nm5t4  7#b7 ,debt    
limit r$uc$ by am\nt ( debt no long]    
subject to limitation ,section #caja (  
title #ca1 ,unit$ ,/ates ,code1 is am5d$
 by add+ at ! end ! foll[+ new          
subsection3  7d7 ,effective on ! date ( 
! enactm5t ( ?is subsection1 ! doll>    
am\nt 9 effect "u subsection 7b7 %all be
 r$uc$ by ! excess (-- 7#a7 ! face am\nt
 ( obligations issu$ "u ?is *apt] & !   
face am\nt ( obligations ^: pr9cipal &  
int]e/ are gu>ante$ by ! ,unit$ ,/ates  
,gov]nm5t 7except gu>ante$ obligations  
held by ! ,secret>y ( ! ,treasury7      
det]m9$ z ( ! date ( ! enactm5t ( ?is   
subsection1 ov]  7#b7 face am\nt (      
obligations issu$ "u ?is *apt] to !     
public & ! face am\nt ( obligations     
issu$ to ! public ^: pr9cipal & int]e/ &
 gu>ante$ by ! ,unit$ ,/ates ,gov]nm5t  
det]m9$ z ( su* date4  4  7b7 ,adju/m5t 
( debt limit = increases 9 ! gross      
dome/ic product ,section #caja ( title  

#ca1 ,unit$ ,/ates ,code1 z am5d$ by    
subsection 7a71 is am5d$ by add+ at !   
end ! foll[+ new subsection3  7e7 7#a7  
,effective ,janu>y #a ( ea* cal5d] ye>  
beg9n+ aft] #bjac1 ! doll> am\nt 9      
effect "u subsection 7b7 %all be        
increas$ by an am\nt equal to ! product 
( su* am\nt z 9 effect z ( ! close ( !  
prec$+ cal5d> ye> multipli$ by !        
p]c5tage 7if any7 by :i*-- 7,a7 !       
,curr5t-,doll> ,,gdp = ! ?ird qu>t] ( ! 
prec$+ cal5d> ye>1 exce$s  7,b7 !       
,curr5t-,doll> ,,gdp = ! ?ird qu>t] ( ! 
second prec$+ cal5d> ye>4  7#b7 ,! t]m  
,curr5t-,doll> ,,gdp means !            
curr5t-doll> gross dome/ic product z    
comput$ & publi%$ by ! ,dep>tm5t (      
,comm]ce4  7#c7 ,on or be=e ,decemb] #ca
 ( ea* cal5d> ye> aft] #bjad1 !         
,secret>y ( ! ,treasury %all submit a   
report to ! ,committee on ,ways & ,means
 ( ! ,h\se ( ,repres5tatives & !        
,committee on ,f9ance ( ! ,s5ate :i*    
includes-- 7,a7 ! am\nt ( ! increase 9 !
 debt limit :i* w take effect "u        

p>agraph 7#a7 on ,janu>y #a ( ! next    
cal5d> ye>1 &  7,b7 a description ( h[  
ea* increase 9 ! /atutory limit comp>es 
to ! actual increase 9 debt4  4