Protect America's Credit Act of 2013

To amend title 31, United States Code, to apply the debt limit only to debt held by the public and to adjust the debt limit for increases in the gross domestic product. 1. Short title This Act may be cited as the Protect America’s Credit Act of 2013 2. Modification of debt limit (a) Application of debt limit only to debt held by the public (1) In general Section 3101(b) 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 (except guaranteed obligations held by the Secretary of the Treasury) 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 Government (2) Debt limit reduced by amount of debt no longer subject to limitation Section 3101 (d) Effective on the date of the enactment of this subsection, the dollar amount in effect under subsection (b) shall be reduced by the excess of— (1) 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 (except guaranteed obligations held by the Secretary of the Treasury) determined as of the date of the enactment of this subsection, over (2) 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 date. . (b) Adjustment of debt limit for increases in the gross domestic product Section 3101 (e) (1) Effective January 1 of each calender year beginning after 2013, the dollar amount in effect under subsection (b) 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 (if any) by which— (A) the Current-Dollar GDP for the third quarter of the preceding calendar year, exceeds (B) the Current-Dollar GDP for the third quarter of the second preceding calendar year. (2) The term Current-Dollar GDP (3) On or before December 31 of each calendar year after 2014, 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— (A) the amount of the increase in the debt limit which will take effect under paragraph (1) on January 1 of the next calendar year, and (B) a description of how each increase in the statutory limit compares to the actual increase in debt. .

Summary: 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.