Debt Ceiling Alternative Act

Summary

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will be reached, the President may issue a message to Congress containing a list of budget authority proposed to be rescinded.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.

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Timeline

1. 14 November 2019

   Introduced

   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.

   Source: IntroReferral

2. 14 November 2019

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 November 2019

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 November 2019 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 November 2019

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 November 2019

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 14 November 2019

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  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Schweikert, David [R-AZ-1] · R · Sponsor
• Rep. Norman, Ralph [R-SC-5] · R · Sponsor
• Rep. Meadows, Mark [R-NC-11] · R · Sponsor
• Rep. Gaetz, Matt [R-FL-1] · R · Sponsor
• · hsru00 · Standing
• · hsbu00 · Standing
• · hsba00 · Standing
• · hswm00 · Standing

Related records

• related to ← Debt Ceiling Alternative Act