US Congress House Bill 3753 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on October 9 2015 - 25% progression, died in committee
Action: 2015-10-09 - Referred to House Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Introduced) [PDF]

Debt Ceiling Alternative Act This bill establishes requirements for prioritizing obligations and selling federal assets if the federal debt reaches the statutory limit. If the Department of the Treasury estimates that the debt will reach the limit during a quarter, the President must ensure that the amount deposited in the Treasury from selling federal assets, disposing of real property, and rescinding unobligated balances is sufficient to prevent the debt from reaching the limit. To comply with this bill, the President may order the sale of assets, including: mortgages and real estate held by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), and mortgage-backed securities held by the Board of Governors of the Federal Reserve System or any federal reserve bank. The Office of the Management and Budget must establish a Federal Real Property Disposal Pilot Program, under which real property that is not meeting federal government needs may be disposed of using expedited procedures. If a federal budget deficit exists in 2015 and no later than July 16, 2016, the President may rescind any unobligated balances of funds provided before FY2010. If the debt reaches the statutory limit, the Department of the Treasury may issue additional obligations solely to pay the principal and interest on debt held by the public and the Social Security trust funds. Obligations issued under this authority are exempt from the debt limit.

Debt Ceiling Alternative Act

Rep. David Schweikert [R-AZ]

Date	Chamber	Action
2015-10-09	House	Referred to House Appropriations
2015-10-09	House	Referred to House Financial Services
2015-10-09	House	Referred to House Oversight and Government Reform
2015-10-09	House	Referred to House Ways and Means
2015-10-09	House	Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2015-10-09	House	Introduced in House

HB692 (Related) 2015-10-22 - Received in the Senate.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/3753/all-info
Text	https://www.congress.gov/114/bills/hr3753/BILLS-114hr3753ih.pdf