3.0.0 3753 2023-01-11T13:29:39Z 2023-01-11T13:29:39Z House HR 2015-10-09 114 [Congressional Record Volume 161, Number 149 (Friday, October 9, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 3753.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the Consitution[Page H6975]]]> hsap00 Appropriations Committee House Standing Referred to 2015-10-09T13:03:45Z hsba00 Financial Services Committee House Standing Referred to 2015-10-09T13:03:40Z hsgo00 Oversight and Accountability Committee House Standing Referred to 2015-10-09T13:03:35Z hswm00 Ways and Means Committee House Standing Referred to 2015-10-09T13:03:30Z Default Prevention Act 114 692 HR 2015-10-22 Received in the Senate. Related bill CRS 2015-10-09 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. IntroReferral H11100 2 House floor actions hsap00 Appropriations Committee 2015-10-09 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-10-09 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. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Accountability Committee 2015-10-09 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. IntroReferral H11100-A 9 Library of Congress 2015-10-09 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-10-09 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-10-09 Introduced in House IntroReferral 1000 9 Library of Congress S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 N Economics and Public Finance Administrative remedies Budget deficits and national debt Congressional oversight Department of Housing and Urban Development Government buildings, facilities, and property Government employee pay, benefits, personnel management Government information and archives Government lending and loan guarantees Government studies and investigations Government trust funds Homelessness and emergency shelter Housing finance and home ownership Interest, dividends, interest rates Land transfers Members of Congress Securities Social security and elderly assistance Economics and Public Finance 00 2015-10-09 Introduced in House 2015-12-08T16:48:45Z 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 Display Title Debt Ceiling Alternative Act Official Title as Introduced To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached, to require the sale of Federal assets, and for other purposes. Introduced in House IH Short Titles as Introduced Debt Ceiling Alternative Act Introduced in House 2015-10-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3753ih/xml/BILLS-114hr3753ih.xml 2015-10-09 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.