[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3753 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3753

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 9, 2015

Mr. Schweikert introduced the following bill; which was 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

_______________________________________________________________________

                                 A BILL


 
 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Debt Ceiling Alternative Act''.

SEC. 2. ENSURING THE GOVERNMENT DOES NOT DEFAULT ON ITS DEBT 
              OBLIGATIONS.

    (a) In General.--If the Department of the Treasury issues a 
marketable borrowing estimate for a quarter that estimates that the 
debt of the United States, as defined in section 3101 of title 31, 
United States Code, will reach the statutory limit during such quarter, 
the President shall ensure that the aggregate of the amounts deposited 
in the Treasury from the sale of assets described under subsection (b) 
and the disposal of real property pursuant to subchapter VII of chapter 
5 of subtitle I of title 40, United States Code, and the amount of any 
recision of unobligated balances pursuant to section 5, is sufficient 
to prevent the debt of the United States from reaching such statutory 
limit during such quarter.
    (b) Authority To Sell Assets.--For purposes of subsection (a), the 
President may order the sale of the following assets, with the proceeds 
from such sales deposited in the Treasury:
            (1) On-balance sheet non-performing mortgages of the 
        Federal National Mortgage Association.
            (2) Other mortgages owned or held by the Federal National 
        Mortgage Association.
            (3) Real estate owned properties of the Federal National 
        Mortgage Association.
            (4) On-balance sheet non-performing mortgages of the 
        Federal Home Loan Mortgage Corporation.
            (5) Other mortgages owned or held by the Federal Home Loan 
        Mortgage Corporation.
            (6) Real estate owned properties of the Federal Home Loan 
        Mortgage Corporation.
            (7) Mortgage-backed securities held by the Board of 
        Governors of the Federal Reserve System or any Federal reserve 
        bank.
    (c) Use of Funds.--Any funds realized through this Act must be used 
for the retirement of old debt and issuance of new debt.

SEC. 3. DISPOSAL OF REAL PROPERTY.

    (a) In General.--Chapter 5 of subtitle I of title 40, United States 
Code, is amended by adding at the end the following:

         ``SUBCHAPTER VII--EXPEDITED DISPOSAL OF REAL PROPERTY

``Sec. 621. Definitions
    ``In this subchapter:
            ``(1) Director.--The term `Director' means the Director of 
        the Office of Management and Budget.
            ``(2) Expedited disposal of real property.--The term 
        `expedited disposal of real property' means a demolition of 
        real property or a sale of real property for cash that is 
        conducted under the requirements of section 545.
            ``(3) Landholding agency.--The term `landholding agency' 
        has the meaning given that term under section 501(i)(3) of the 
        McKinney-Vento Homeless Assistance Act (42 U.S.C. 11411(i)(3)).
            ``(4) Real property.--
                    ``(A) In general.--The term `real property' means--
                            ``(i) a parcel of real property under the 
                        administrative jurisdiction of the Federal 
                        Government that is--
                                    ``(I) excess;
                                    ``(II) surplus;
                                    ``(III) underperforming; or
                                    ``(IV) otherwise not meeting the 
                                needs of the Federal Government, as 
                                determined by the Director; and
                            ``(ii) a building or other structure 
                        located on real property described under clause 
                        (i).
                    ``(B) Exclusion.--The term `real property' excludes 
                any parcel of real property or building or other 
                structure located on such real property that is to be 
                closed or realigned under the Defense Base Closure and 
                Realignment Act of 1990 (part A of title XXIX of Public 
                Law 101-510; 10 U.S.C. 2687 note).
            ``(5) Representative of the homeless.--The term 
        `representative of the homeless' has the meaning given that 
        term under section 501(i)(4) of the McKinney-Vento Homeless 
        Assistance Act (42 U.S.C. 11411(i)(4)).
``Sec. 622. Pilot program
    ``(a) Establishment.--The Director of the Office of Management and 
Budget shall conduct a pilot program, to be known as the `Federal Real 
Property Disposal Pilot Program', under which real property that is not 
meeting Federal Government needs may be disposed of in accordance with 
this subchapter.
    ``(b) Termination.--The Federal Real Property Disposal Pilot 
Program shall terminate 5 years after the date of the enactment of this 
subchapter.
``Sec. 623. Selection of real properties
    ``(a) Agency Recommendation of Properties.--The head of each 
executive agency shall recommend candidate disposition real properties 
to the Director for participation in the pilot program established 
under section 622.
    ``(b) Selection of Properties.--The Director, with the concurrence 
of the head of the executive agency concerned and consistent with the 
criteria established in this subchapter, may then select such candidate 
real properties for participation in the pilot program and notify the 
recommending agency accordingly.
    ``(c) Website Required.--The Director shall ensure that all real 
properties selected for disposition under this section are listed on a 
website that shall--
            ``(1) be updated routinely; and
            ``(2) include the functionality to allow members of the 
        public, at their option, to receive such updates through 
        electronic mail.
    ``(d) Notification of Pilot Program.--The Secretary of Housing and 
Urban Development shall ensure that efforts are taken to inform 
representatives of the homeless about--
            ``(1) the pilot program established under section 622; and
            ``(2) the website under subsection (c).
    ``(e) Availability of Information.--The Secretary of Housing and 
Urban Development shall--
            ``(1) make available to the public upon request all 
        information (other than valuation information), regardless of 
        format, in the possession of the Department of Housing and 
        Urban Development relating to the properties listed on the 
        website under subsection (c), including environmental 
        assessment data; and
            ``(2) maintain a current list of agency contacts for making 
        referrals to inquiries for information relating to specific 
        properties.
``Sec. 624. Suitability determination
    ``(a) Suitability of Property To Assist the Homeless.--After the 
Director selects the candidate real properties that may participate in 
the pilot program under section 623, the Secretary of Housing and Urban 
Development shall determine whether each such real property is suitable 
for use to assist the homeless.
    ``(b) Suitability Determination Requirements.--The Secretary of 
Housing and Urban Development shall base the suitability determination 
required under subsection (a)--
            ``(1) on the suitability criteria identified by the 
        Secretary of Housing and Urban Development under section 501(a) 
        of the McKinney-Vento Homeless Assistance Act (42 U.S.C. 
        11411(a));
            ``(2) for real properties located within a Federal 
        installation, campus, or compound, on whether such property can 
        easily be transported to an off-site location; and
            ``(3) for real properties where the predominant use is 
        other than housing, on whether the size of the real property is 
        equal to or greater than 100,000 square feet.
    ``(c) Information Required To Be Published on the Website.--
Immediately after a determination of suitability is made under this 
section, the Director shall publish, on the website described in 
section 623(c) the following information:
            ``(1) The address of each such real property.
            ``(2) The result of the suitability determination required 
        under subsection (a) for each such real property.
            ``(3) The date on which the suitability determination was 
        made.
``Sec. 625. Unsuitable real property
    ``(a) 20-Day Hold Required After Determination of Unsuitability.--
If real property is determined unsuitable under section 624, such real 
property may not be disposed of or otherwise used for any other purpose 
for at least 20 days after such determination was made.
    ``(b) Appeal.--
            ``(1) Secondary review of determination.--Not later than 20 
        days after real property has been determined unsuitable under 
        section 624 and before disposal of the real property in 
        accordance with subsection (d), any representative of the 
        homeless may appeal to the Secretary of Housing and Urban 
        Development for a secondary review of such determination.
            ``(2) Clear and convincing evidence.--Not later than 20 
        days after real property has been determined unsuitable under 
        subsection (b)(3) of section 624, the Secretary of Housing and 
        Urban Development shall deem such real property suitable 
        notwithstanding the requirements of that subsection if a 
        representative of the homeless has produced clear and 
        convincing evidence that such property can be utilized for the 
        benefit of the homeless. Any determination under this paragraph 
        shall be committed to the unreviewable discretion of the 
        Secretary of Housing and Urban Development.
    ``(c) Final Suitability Determination.--Not later than 20 days 
after the receipt of any appeal under subsection (b), the Secretary of 
Housing and Urban Development shall respond to such appeal and shall 
make a final suitability determination regarding the real property.
    ``(d) Disposal of Unsuitable Real Property.--
            ``(1) No appeal.--If at the end of the 20-day period 
        required under subsection (a), no appeal for review of a 
        determination of unsuitability is received by the Secretary of 
        Housing and Urban Development, such real property shall be 
        disposed of in accordance with section 627.
            ``(2) Determination of unsuitability after secondary 
        review.--If after conducting a secondary review of a 
        determination of unsuitability under subsection (b), the 
        Secretary of Housing and Urban Development determines that the 
        real property remains unsuitable under subsection (c), such 
        real property shall be disposed of in accordance with section 
        627.
            ``(3) Determination of suitability after secondary 
        review.--If after conducting a secondary review of a 
        determination of unsuitability under subsection (b), the 
        Secretary of Housing and Urban Development determines that the 
        real property is suitable under subsection (c), such real 
        property shall be treated as suitable property for purposes of 
        section 626.
``Sec. 626. Suitable real property
    ``(a) Disposal of Suitable Real Property.--
            ``(1) Application for transfer of property.--If real 
        property is determined suitable under section 624 or upon a 
        secondary review under section 625(d), any representative of 
        the homeless shall have not more than 90 days after such 
        determination to submit an application to the Secretary of 
        Health and Human Services for the transfer of the real property 
        to that representative. If an application cannot be completed 
        within the 90-day period due to non-material factors, the 
        Secretary of Health and Human Services, with the concurrence of 
        the appropriate landholding agency, may grant reasonable 
        extensions.
            ``(2) No application submitted.--If at the end of the time 
        period described under paragraph (1), no representative of the 
        homeless has submitted an application, such real property shall 
        be disposed of in accordance with section 627.
    ``(b) Consideration of Application.--
            ``(1) Assessment of application.--Not later than 20 days 
        after the receipt of any application under subsection (a)(1), 
        the Secretary of Health and Human Services shall assess such 
        application and determine whether to approve or deny the 
        request for the transfer of the real property to such 
        applicant.
            ``(2) Denial of application.--If the application of a 
        representative of the homeless is denied by the Secretary of 
        Health and Human Services under paragraph (1), such real 
        property shall be disposed of in accordance with section 627.
            ``(3) Approval of application.--If the application of a 
        representative of the homeless is approved by the Secretary of 
        Health and Human Services under paragraph (1), such real 
        property shall be made promptly available to that 
        representative by permit or lease, or by deed, as a public 
        health use under subsections (a) through (d) of section 550.
``Sec. 627. Expedited disposal requirements
    ``(a) Fair Market Value Required.--Real property sold under the 
pilot program established under this subchapter shall be sold at not 
less than the fair market value, as determined by the Director in 
consultation with the head of the executive agency. Costs associated 
with such disposal may not exceed the fair market value of the property 
unless the Director approves incurring such costs.
    ``(b) Monetary Proceeds Required.--Real property may be sold under 
the pilot program established under this subchapter only if the 
property will generate monetary proceeds to the Federal Government, as 
provided in subsection (a). A disposal of real property under the pilot 
program may not include any exchange, trade, transfer, acquisition of 
like-kind property, or other non-cash transaction as part of the 
disposal.
    ``(c) Construction.--Nothing in this subchapter shall be construed 
as terminating or in any way limiting authorities that are otherwise 
available to agencies under other provisions of law to dispose of 
Federal real property, except as provided in subsection (d).
    ``(d) Expedited Disposal Exemptions.--Any expedited disposal of 
real property conducted under this subchapter shall not be subject to--
            ``(1) subchapter IV of this chapter;
            ``(2) sections 550 and 553 of this title;
            ``(3) section 501 of the McKinney-Vento Homeless Assistance 
        Act (42 U.S.C. 11411);
            ``(4) any other provision of law authorizing the no-cost 
        conveyance of real property owned by the Federal Government; or
            ``(5) any congressional notification requirement other than 
        that in section 545.
``Sec. 628. Special rules for deposit and use of proceeds from disposal 
              of real property
    ``(a) Reimbursement of Administrative Expenses.--Executive agencies 
that dispose of real property under this subchapter shall be reimbursed 
from the proceeds, if any, from such disposal for the administrative 
expenses associated with such disposal. Such amounts shall be credited 
as offsetting collections to the account that incurred such expenses, 
to remain available until expended.
    ``(b) Deposit of Proceeds.--
            ``(1) In general.--After payment of the administrative 
        expenses described under subsection (a), the balance of the 
        proceeds shall be distributed as follows:
                    ``(A) 80 percent shall be deposited into the 
                Treasury as miscellaneous receipts.
                    ``(B) 20 percent shall be deposited into the 
                account of the agency that owned the real property and 
                initiated the disposal action.
            ``(2) Federal real property capital improvements and 
        disposal activity funds.--Funds deposited under paragraph 
        (1)(A) shall remain available until expended for the period of 
        the pilot program, for activities related to Federal real 
        property capital improvements and disposal activities. Upon 
        termination of the pilot program, any unobligated amounts shall 
        be transferred to the general fund of the Treasury.
``Sec. 629. Limitation on number of permissible cash sales
    ``The total number of cash sales of real properties to be disposed 
of under this subchapter over the 5-year term of the Federal Real 
Property Disposal Pilot Program shall not exceed 750.
``Sec. 630. Government Accountability Office study
    ``(a) Study Required.--Not later than 36 months after the date of 
enactment of this subchapter, the Comptroller General of the United 
States shall submit to Congress and make publicly available a study of 
the effectiveness of the pilot program.
    ``(b) Contents of Study.--The study described under subsection (a) 
shall include at a minimum--
            ``(1) recommendations for permanent reforms to statutes 
        governing real property disposals and no cost conveyances; and
            ``(2) recommendations for improving the permanent process 
        by which Federal properties are made available for use by the 
        homeless.''.
    (b) Technical and Conforming Amendment.--The table of sections for 
chapter 5 of subtitle I of title 40, United States Code, is amended by 
inserting after the item relating to section 611 the following:

          ``subchapter vii--expedited disposal of real property

``Sec.  621. Definitions.
``Sec.  622. Pilot program.
``Sec.  623. Selection of real properties.
``Sec.  624. Suitability determination.
``Sec.  625. Unsuitable real property.
``Sec.  626. Suitable real property.
``Sec.  627. Expedited disposal requirements.
``Sec.  628. Special rules for deposit and use of proceeds from 
                            disposal of real property.
``Sec.  629. Limitation on number of permissible cash sales.
``Sec.  630. Government Accountability Office study.''.

SEC. 4. PAYMENT OF PRINCIPAL AND INTEREST ON PUBLIC DEBT AND SOCIAL 
              SECURITY TRUST FUNDS.

    (a) In General.--In the event that the debt of the United States 
Government, as defined in section 3101 of title 31, United States Code, 
reaches the statutory limit, the Secretary of the Treasury shall, in 
addition to any other authority provided by law, issue obligations 
under chapter 31 of title 31, United States Code, to pay with legal 
tender, and solely for the purpose of paying, the principal and 
interest on obligations of the United States described in subsection 
(b) after the date of the enactment of this Act.
    (b) Obligations Described.--For purposes of this subsection, 
obligations described in this subsection are obligations which are--
            (1) held by the public, or
            (2) held by the Old-Age and Survivors Insurance Trust Fund 
        and Disability Insurance Trust Fund.
    (c) Prohibition on Compensation for Members of Congress.--None of 
the obligations issued under subsection (a) may be used to pay 
compensation for Members of Congress.
    (d) Obligations Exempt From Public Debt Limit.--Obligations issued 
under subsection (a) shall not be taken into account in applying the 
limitation in section 3101(b) of title 31, United States Code, to the 
extent that such obligation would otherwise cause the limitation in 
section 3101(b) of title 31, United States Code, to be exceeded.
    (e) Report on Certain Actions.--
            (1) In general.--If, after the date of the enactment of 
        this Act, the Secretary of the Treasury exercises his authority 
        under subsection (a), the Secretary shall thereafter submit a 
        report each week the authority is in use providing an 
        accounting relating to--
                    (A) the principal on mature obligations and 
                interest that is due or accrued of the United States, 
                and
                    (B) any obligations issued pursuant to subsection 
                (a).
            (2) Submission.--The report required by paragraph (1) shall 
        be submitted to the Committee on Ways and Means of the House of 
        Representatives and the Committee on Finance of the Senate.

SEC. 5. RESCISSION OF UNOBLIGATED BALANCES.

    (a) In General.--If a Federal budget deficit exists in 2015, not 
later than July 16, 2016, of the funds made available before October 1, 
2009, the President may rescind any unobligated balances of such funds.
    (b) Report.--On the same date that the President orders a 
rescission under subsection (a), the President shall submit a report to 
Congress containing the total amounts of the funds rescinded and the 
affected accounts.
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