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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Debt Ceiling Alternative Act

Official Titles

Official Titles - House of Representatives

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.


Actions Overview (1)

Date Actions Overview
07/06/2017Introduced in House

All Actions (5)

Date All Actions
07/06/2017Referred 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.
Action By: House of Representatives
07/06/2017Referred 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.
Action By: House of Representatives
07/06/2017Referred 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.
Action By: House of Representatives
07/06/2017Referred 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.
Action By: House of Representatives
07/06/2017Introduced in House
Action By: House of Representatives

Cosponsors (6)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Franks, Trent [R-AZ-8]* 07/06/2017
Rep. Meadows, Mark [R-NC-11]* 07/06/2017
Rep. Fortenberry, Jeff [R-NE-1]* 07/06/2017
Rep. Gaetz, Matt [R-FL-1] 09/01/2017
Rep. Norman, Ralph [R-SC-5] 09/14/2017
Rep. Barton, Joe [R-TX-6] 09/25/2017

Committees (4)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means07/06/2017 Referred to
House Financial Services07/06/2017 Referred to
House Budget07/06/2017 Referred to
House Rules07/06/2017 Referred to

No related bill information was received for H.R.3167.


Latest Summary (1)

There is one summary for H.R.3167. View summaries

Shown Here:
Introduced in House (07/06/2017)

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.