PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Oct 20, 2015
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.)
People & committees
Rep. Peters, Scott H. [D-CA-52] · D–CA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3774 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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