We present results from VERITAS observations of the BL Lac object PG 1553+113 spanning the years 2010, 2011, and 2012. The time-averaged spectrum, measured between 160 and 560,GeV, is well described by a power law with a spectral index of $4.33 pm 0.09$. The time-averaged integral flux above $200,$GeV measured for this period was $(1.69 pm 0.06) times 10^{-11} , mathrm{ph} , mathrm{cm}^{-2} , mathrm{s}^{-1}$, corresponding to 6.9% of the Crab Nebula flux. We also present the combined $gamma$-ray spectrum from the Fermi Large Area Telescope and VERITAS covering an energy range from 100~MeV to 560~GeV. The data are well fit by a power law with an exponential cutoff at $rm {101.9 pm 3.2 , mathrm{GeV}} $. The origin of the cutoff could be intrinsic to PG~1553+113 or be due to the $gamma$-ray opacity of our universe through pair production off the extragalactic background light (EBL). Given lower limits to the redshift of $rm z egthinspace > egthinspace 0.395$ based on optical/UV observations of PG~1553+113, the cutoff would be dominated by EBL absorption. Conversely, the small statistical uncertainties of the VERITAS energy spectrum have allowed us to provide a robust upper limit on the redshift of PG 1553+113 of $z egthinspace leq egthinspace 0.62$. A strongly-elevated mean flux of $(2.50 pm 0.14) times 10^{-11} , mathrm{ph} , mathrm{cm}^{-2} , mathrm{s}^{-1}$ (10.3% of the Crab Nebula flux) was observed during 2012, with the daily flux reaching as high as $(4.44 pm 0.71) times 10^{-11} , mathrm{ph} , mathrm{cm}^{-2} , mathrm{s}^{-1}$ (18.3% of the Crab Nebula flux) on MJD 56048. The light curve measured during the 2012 observing season is marginally inconsistent with a steady flux, giving a $chi^2$ probability for a steady flux of 0.03%.
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