"The more high-sounding the legislation, the more destructive its consequences."

HR 3293– the recently introduced Debt Limit Reform Act.

...HR 3293′s real purpose is to authorize the government to simply stop counting a massive portion of the US national debt ...one of the biggest chunks of the debt is money owed to ‘intragovernmental agencies’. ...nearly $5 trillion of the $17 trillion debt (almost 30%) is owed to intragovernmental agencies like Social Security and Medicare.

So now they basically want to stop counting this debt.

...Overnight, they’ll make $5 trillion disappear from the debt.

...the overwhelming evidence [suggests] the [US and other western countries will make every effort to lie, cheat, and steal whatever they can just to keep the party going a little while longer.

http://www.sovereignman.com/trends/congress-to-eliminate-the-debt-by-not-counting-it-anymore-12951/
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From the act;

"Government-Held Debt Not Taken Into Account for Purposes of the Public Debt Limit- Section 3101 of title 31, United States Code, as amended by subsection (a) is amended by adding at the end the following new subsection:

‘(e) Obligations held by the United States Government (including any obligation which is classified as an intragovernmental holding by the Secretary of the Treasury or which is held by any agency or instrumentality of the United States) shall not be taken into account for purposes of applying the limitation imposed under subsection (b).’."
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Meaning the intent is to stop counting what is actually owed.