PlainBillCongress, translated.Legislation. Context. Public interest.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.
Congressional Research Service
Version 00 · Introduced in House · Oct 9, 2015
Debt Ceiling Alternative Act
This bill establishes requirements for prioritizing obligations and selling federal assets if the federal debt reaches the statutory limit.
If the Department of the Treasury estimates that the debt will reach the limit during a quarter, the President must ensure that the amount deposited in the Treasury from selling federal assets, disposing of real property, and rescinding unobligated balances is sufficient to prevent the debt from reaching the limit.
Showing the opening paragraphs of the official summary.
To comply with this bill, the President may order the sale of assets, including:
mortgages and real estate held by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), and
mortgage-backed securities held by the Board of Governors of the Federal Reserve System or any federal reserve bank.
The Office of the Management and Budget must establish a Federal Real Property Disposal Pilot Program, under which real property that is not meeting federal government needs may be disposed of using expedited procedures.
If a federal budget deficit exists in 2015 and no later than July 16, 2016, the President may rescind any unobligated balances of funds provided before FY2010.
If the debt reaches the statutory limit, the Department of the Treasury may issue additional obligations solely to pay the principal and interest on debt held by the public and the Social Security trust funds. Obligations issued under this authority are exempt from the debt limit.
People & committees
Rep. Schweikert, David [R-AZ-6] · R–AZ
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
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.
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.
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.
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.
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.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3753 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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