Debt Ceiling Alternative Act
Latest action · Nov 14, 2019 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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 14, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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will be reached, the President may issue a message to Congress containing a list of budget authority proposed to be rescinded.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.
Cosponsors 3
Members who signed on, in the order they did. All signed on Nov 14, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NC | Mark Meadows | Original | Nov 14, 2019 |
| R-FL | Matt Gaetz | Original | Nov 14, 2019 |
| R-SC | Ralph Norman | Original | Nov 14, 2019 |
Actions 2
Everything that happened, newest first.
- Nov 14, 2019Introduced in House
- Nov 14, 2019Referred 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.
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
- Appropriations
- Budget deficits and national debt
- Budget process
- Congressional oversight
- Congressional-executive branch relations
- Economics and Public Finance
- 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
Text 1
Each version as it was printed, newest first.
- Nov 14, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.