3.0.0 3167 2023-01-11T13:37:29Z 2023-01-11T13:37:29Z House HR 2017-07-06 115 [Congressional Record Volume 163, Number 114 (Thursday, July 6, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 3167.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1 of the Constitution whichstates in part: The Congress shall have Power to lay andcollect Taxes, Duties, Imposts and Excises, to pay the Debtsand provide for the common Defence and general Welfare of theUnited States.[Page H5386]]]> hsru00 Rules Committee House Standing Referred to 2017-07-06T13:00:51Z hsbu00 Budget Committee House Standing Referred to 2017-07-06T13:00:46Z hsba00 Financial Services Committee House Standing Referred to 2017-07-06T13:00:41Z hswm00 Ways and Means Committee House Standing Referred to 2017-07-06T13:00:36Z 2017-07-06 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Budget, and Rules, 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 hsru00 Rules Committee 2017-07-06 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Budget, and Rules, 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 hsbu00 Budget Committee 2017-07-06 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Budget, and Rules, 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 2017-07-06 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Budget, and Rules, 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 2017-07-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-07-06 Introduced in House IntroReferral 1000 9 Library of Congress S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 N F000448 Rep. Franks, Trent [R-AZ-8] Trent Franks R AZ 8 2017-07-06 True M001187 Rep. Meadows, Mark [R-NC-11] Mark Meadows R NC 11 2017-07-06 True F000449 Rep. Fortenberry, Jeff [R-NE-1] Jeff Fortenberry R NE 1 2017-07-06 True G000578 Rep. Gaetz, Matt [R-FL-1] Matt Gaetz R FL 1 2017-09-01 False N000190 Rep. Norman, Ralph [R-SC-5] Ralph Norman R SC 5 2017-09-14 False B000213 Rep. Barton, Joe [R-TX-6] JOE BARTON R TX L. 6 2017-09-25 False Economics and Public Finance Appropriations Budget deficits and national debt Budget process Congressional oversight Congressional-executive branch relations Federal Reserve System Government corporations and government-sponsored enterprises Government trust funds Housing finance and home ownership Interest, dividends, interest rates Legislative rules and procedure Presidents and presidential powers, Vice Presidents Securities Social security and elderly assistance Economics and Public Finance 00 2017-07-06 Introduced in House 2018-01-29T21:35:50Z Debt Ceiling Alternative Act

This bill establishes requirements and authorities for notifying Congress, issuing bonds, proposing rescissions, and selling assets if the debt limit will be reached.

The Department of the Treasury must notify Congress if it estimates that the U.S. debt will reach the statutory debt limit during a quarter. After Congress is notified, Treasury must issue bonds that: (1) have an interest rate linked to the nominal gross domestic product of the United States, (2) may only be used to pay the principal and interest on obligations of the United States held by the public or the Social Security trust funds, and (3) are exempt from the debt limit.

Once Congress is notified that the debt limit will be reached, the President may issue a message to Congress containing a list of budget authority proposed to be rescinded. The list may only contain items related to unobligated balances of funds made available before the beginning of the fiscal year during which such notification is provided. Congress must consider the message using specified expedited legislative procedures.

If the debt limit notice has been provided to Congress, the President may also order the sale of specified mortgage-related assets owned or held by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Association (Freddie Mac), and the Federal Reserve. The proceeds from the sales must be deposited in the Treasury.

]]> Debt Ceiling Alternative Act Display Title Debt Ceiling Alternative Act Official Title as Introduced To provide that, in the event that the Secretary of the Treasury estimates that the debt ceiling will be reached, the Secretary is required to issue GDP-linked bonds to pay the principal and interest on the public debt and the President is authorized to request the rescission of certain unobligated balances and sell certain mortgage-related assets, and for other purposes. Introduced in House IH Short Titles as Introduced Debt Ceiling Alternative Act Introduced in House 2017-07-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr3167ih/xml/BILLS-115hr3167ih.xml 2017-07-06 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, the Budget, and Rules, 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.