,i #aacth ,,congress #ast ,session ,h4 ,r4 #cjeb ,,in ,,the ,,house ,,of ,,representatives ,august #b1 #bjac ,mr4 ,schweikert introduced the following bill2 which was referred to the ,committee on ,ways and ,means1 and in addition to the ,committees on ,oversight and ,government ,reform1 ,financial ,services1 and ,appropriations1 for a period to be subsequently determined by the ,speaker1 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 reached1 to require the sale of ,federal assets1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,debt ,ceiling ,alternative ,act4 #b4 ,ensuring the ,government does not default on its debt obligations 7a7 ,in general ,if the ,department of the ,treasury issues a marketable borrowing estimate for a quarter that estimates that the debt of the ,united ,states1 as defined in section #caja of title #ca1 ,united ,states ,code1 will reach the statutory limit during such quarter1 the ,president shall ensure that the aggregate of the amounts deposited in the ,treasury from the sale of assets described under subsection 7b7 and the disposal of real property pursuant to subchapter ,,vii of chapter #e of subtitle ,i of title #dj1 ,united ,states ,code1 and the amount of any recision of unobligated balances pursuant to section #e1 is sufficient to prevent the debt of the ,united ,states from reaching such statutory limit during such quarter4 7b7 ,authority ,to sell assets ,for purposes of subsection 7a71 the ,president may order the sale of the following assets1 with the proceeds from such sales deposited in the ,treasury3 7#a7 ,on-balance sheet non-performing mortgages of the ,federal ,national ,mortgage ,association4 7#b7 ,other mortgages owned or held by the ,federal ,national ,mortgage ,association4 7#c7 ,real estate owned properties of the ,federal ,national ,mortgage ,association4 7#d7 ,on-balance sheet non-performing mortgages of the ,federal ,home ,loan ,mortgage ,corporation4 7#e7 ,other mortgages owned or held by the ,federal ,home ,loan ,mortgage ,corporation4 7#f7 ,real estate owned properties of the ,federal ,home ,loan ,mortgage ,corporation4 7#g7 ,mortgage-backed securities held by the ,board of ,governors of the ,federal ,reserve ,system or any ,federal reserve bank4 7c7 ,use of funds ,any funds realized through this ,act must be used for the retirement of old debt and issuance of new debt4 #c4 ,disposal of real property 7a7 ,in general ,chapter #e of subtitle ,i of title #dj1 ,united ,states ,code1 is amended by adding at the end the following3 ,,vii ,,expedited ,,disposal ,,of ,,real ,,property #fba4 ,definitions ,in this subchapter3 7#a7 ,director ,the term ,director means the ,director of the ,office of ,management and ,budget4 7#b7 ,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 #ede4 7#c7 ,landholding agency ,the term landholding agency has the meaning given that term under section #eja7;i77#c7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aadaa7;i77#c774 7#d7 ,real property 7,a7 ,in general ,the term real property means-- 7i7 a parcel of real property under the administrative jurisdiction of the ,federal ,government that is-- 7,i7 excess2 7,,ii7 surplus2 7,,iii7 underperforming2 or 7,,iv7 otherwise not meeting the needs of the ,federal ,government1 as determined by the ,director2 and 7ii7 a building or other structure located on real property described under clause 7i74 7,b7 ,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 #aiij 7part ,a of title ,,xxix of ,public ,law #aja-eaj2 #aj ,u4,s4,c4 #bfhg note74 7#e7 ,representative of the homeless ,the term representative of the homeless has the meaning given that term under section #eja7;i77#d7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aadaa7;i77#d774 #fbb4 ,pilot program 7a7 ,establishment ,the ,director of the ,office of ,management and ,budget shall conduct a pilot program1 to be known as the ,federal ,real ,property ,disposal ,pilot ,program1 under which real property that is not meeting ,federal ,government needs may be disposed of in accordance with this subchapter4 7b7 ,termination ,the ,federal ,real ,property ,disposal ,pilot ,program shall terminate #e years after the date of the enactment of this subchapter4 #fbc4 ,selection of real properties 7a7 ,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 #fbb4 7b7 ,selection of properties ,the ,director1 with the concurrence of the head of the executive agency concerned and consistent with the criteria established in this subchapter1 may then select such candidate real properties for participation in the pilot program and notify the recommending agency accordingly4 7c7 ,website required ,the ,director shall ensure that all real properties selected for disposition under this section are listed on a website that shall-- 7#a7 be updated routinely2 and 7#b7 include the functionality to allow members of the public1 at their option1 to receive such updates through electronic mail4 7d7 ,notification of pilot program ,the ,secretary of ,housing and ,urban ,development shall ensure that efforts are taken to inform representatives of the homeless about-- 7#a7 the pilot program established under section #fbb2 and 7#b7 the website under subsection 7c74 7e7 ,availability of information ,the ,secretary of ,housing and ,urban ,development shall-- 7#a7 make available to the public upon request all information 7other than valuation information71 regardless of format1 in the possession of the ,department of ,housing and ,urban ,development relating to the properties listed on the website under subsection 7c71 including environmental assessment data2 and 7#b7 maintain a current list of agency contacts for making referrals to inquiries for information relating to specific properties4 #fbd4 ,suitability determination 7a7 ,suitability of property ,to assist the homeless ,after the ,director selects the candidate real properties that may participate in the pilot program under section #fbc1 the ,secretary of ,housing and ,urban ,development shall determine whether each such real property is suitable for use to assist the homeless4 7b7 ,suitability determination requirements ,the ,secretary of ,housing and ,urban ,development shall base the suitability determination required under subsection 7a7-- 7#a7 on the suitability criteria identified by the ,secretary of ,housing and ,urban ,development under section #eja7;a7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aadaa7;a772 7#b7 for real properties located within a ,federal installation1 campus1 or compound1 on whether such property can easily be transported to an off-site location2 and 7#c7 for real properties where the predominant use is other than housing1 on whether the size of the real property is equal to or greater than #ajj1jjj square feet4 7c7 ,information required ,to be published on the website ,immediately after a determination of suitability is made under this section1 the ,director shall publish1 on the website described in section #fbc7;c7 the following information3 7#a7 ,the address of each such real property4 7#b7 ,the result of the suitability determination required under subsection 7a7 for each such real property4 7#c7 ,the date on which the suitability determination was made4 #fbe4 ,unsuitable real property 7a7 #bj-;,day hold required after determination of unsuitability ,if real property is determined unsuitable under section #fbd1 such real property may not be disposed of or otherwise used for any other purpose for at least #bj days after such determination was made4 7b7 ,appeal 7#a7 ,secondary review of determination ,not later than #bj days after real property has been determined unsuitable under section #fbd and before disposal of the real property in accordance with subsection 7d71 any representative of the homeless may appeal to the ,secretary of ,housing and ,urban ,development for a secondary review of such determination4 7#b7 ,clear and convincing evidence ,not later than #bj days after real property has been determined unsuitable under subsection 7b77#c7 of section #fbd1 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 homeless4 ,any determination under this paragraph shall be committed to the unreviewable discretion of the ,secretary of ,housing and ,urban ,development4 7c7 ,final suitability determination ,not later than #bj days after the receipt of any appeal under subsection 7b71 the ,secretary of ,housing and ,urban ,development shall respond to such appeal and shall make a final suitability determination regarding the real property4 7d7 ,disposal of unsuitable real property 7#a7 ,no appeal ,if at the end of the #bj-;day period required under subsection 7a71 no appeal for review of a determination of unsuitability is received by the ,secretary of ,housing and ,urban ,development1 such real property shall be disposed of in accordance with section #fbg4 7#b7 ,determination of unsuitability after secondary review ,if after conducting a secondary review of a determination of unsuitability under subsection 7b71 the ,secretary of ,housing and ,urban ,development determines that the real property remains unsuitable under subsection 7c71 such real property shall be disposed of in accordance with section #fbg4 7#c7 ,determination of suitability after secondary review ,if after conducting a secondary review of a determination of unsuitability under subsection 7b71 the ,secretary of ,housing and ,urban ,development determines that the real property is suitable under subsection 7c71 such real property shall be treated as suitable property for purposes of section #fbf4 #fbf4 ,suitable real property 7a7 ,disposal of suitable real property 7#a7 ,application for transfer of property ,if real property is determined suitable under section #fbd or upon a secondary review under section #fbe7;d71 any representative of the homeless shall have not more than #ij 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 representative4 ,if an application cannot be completed within the #ij-;day period due to non-material factors1 the ,secretary of ,health and ,human ,services1 with the concurrence of the appropriate landholding agency1 may grant reasonable extensions4 7#b7 ,no application submitted ,if at the end of the time period described under paragraph 7#a71 no representative of the homeless has submitted an application1 such real property shall be disposed of in accordance with section #fbg4 7b7 ,consideration of application 7#a7 ,assessment of application ,not later than #bj days after the receipt of any application under subsection 7a77#a71 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 applicant4 7#b7 ,denial of application ,if the application of a representative of the homeless is denied by the ,secretary of ,health and ,human ,services under paragraph 7#a71 such real property shall be disposed of in accordance with section #fbg4 7#c7 ,approval of application ,if the application of a representative of the homeless is approved by the ,secretary of ,health and ,human ,services under paragraph 7#a71 such real property shall be made promptly available to that representative by permit or lease1 or by deed1 as a public health use under subsections 7a7 through 7d7 of section #eej4 #fbg4 ,expedited disposal requirements 7a7 ,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 value1 as determined by the ,director in consultation with the head of the executive agency4 ,costs associated with such disposal may not exceed the fair market value of the property unless the ,director approves incurring such costs4 7b7 ,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 ,government1 as provided in subsection 7a74 ,a disposal of real property under the pilot program may not include any exchange1 trade1 transfer1 acquisition of like-kind property1 or other non-cash transaction as part of the disposal4 7c7 ,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 property1 except as provided in subsection 7d74 7d7 ,expedited disposal exemptions ,any expedited disposal of real property conducted under this subchapter shall not be subject to-- 7#a7 subchapter ,,iv of this chapter2 7#b7 sections #eej and #eec of this title2 7#c7 section #eja of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aadaa72 7#d7 any other provision of law authorizing the no-cost conveyance of real property owned by the ,federal ,government2 or 7#e7 any congressional notification requirement other than that in section #ede4 #fbh4 ,special rules for deposit and use of proceeds from disposal of real property 7a7 ,reimbursement of administrative expenses ,executive agencies that dispose of real property under this subchapter shall be reimbursed from the proceeds1 if any1 from such disposal for the administrative expenses associated with such disposal4 ,such amounts shall be credited as offsetting collections to the account that incurred such expenses1 to remain available until expended4 7b7 ,deposit of proceeds 7#a7 ,in general ,after payment of the administrative expenses described under subsection 7a71 the balance of the proceeds shall be distributed as follows3 7,a7 #hj percent shall be deposited into the ,treasury as miscellaneous receipts4 7,b7 #bj percent shall be deposited into the account of the agency that owned the real property and initiated the disposal action4 7#b7 ,federal real property capital improvements and disposal activity funds ,funds deposited under paragraph 7#a77;,a7 shall remain available until expended for the period of the pilot program1 for activities related to ,federal real property capital improvements and disposal activities4 ,upon termination of the pilot program1 any unobligated amounts shall be transferred to the general fund of the ,treasury4 #fbi4 ,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 #e-year term of the ,federal ,real ,property ,disposal ,pilot ,program shall not exceed #gej4 #fcj4 ,government ,accountability ,office study 7a7 ,study required ,not later than #cf months after the date of enactment of this subchapter1 the ,comptroller ,general of the ,united ,states shall submit to ,congress and make publicly available a study of the effectiveness of the pilot program4 7b7 ,contents of study ,the study described under subsection 7a7 shall include at a minimum-- 7#a7 recommendations for permanent reforms to statutes governing real property disposals and no cost conveyances2 and 7#b7 recommendations for improving the permanent process by which ,federal properties are made available for use by the homeless4 4 7b7 ,technical and conforming amendment ,the table of sections for chapter #e of subtitle ,i of title #dj1 ,united ,states ,code1 is amended by inserting after the item relating to section #faa the following3 ,,subchapter ,,vii--,,expedited ,,disposal ,,of ,,real ,,property #fba4 ,definitions4 #fbb4 ,pilot program4 #fbc4 ,selection of real properties4 #fbd4 ,suitability determination4 #fbe4 ,unsuitable real property4 #fbf4 ,suitable real property4 #fbg4 ,expedited disposal requirements4 #fbh4 ,special rules for deposit and use of proceeds from disposal of real property4 #fbi4 ,limitation on number of permissible cash sales4 #fcj4 ,government ,accountability ,office study4 4 #d4 ,payment of principal and interest on public debt and social security trust funds 7a7 ,in general ,in the event that the debt of the ,united ,states ,government1 as defined in section #caja of title #ca1 ,united ,states ,code1 reaches the statutory limit1 the ,secretary of the ,treasury shall1 in addition to any other authority provided by law1 issue obligations under chapter #ca of title #ca1 ,united ,states ,code1 to pay with legal tender1 and solely for the purpose of paying1 the principal and interest on obligations of the ,united ,states described in subsection 7b7 after the date of the enactment of this ,act4 7b7 ,obligations described ,for purposes of this subsection1 obligations described in this subsection are obligations which are-- 7#a7 held by the public1 or 7#b7 held by the ,old-,age and ,survivors ,insurance ,trust ,fund and ,disability ,insurance ,trust ,fund4 7c7 ,prohibition on compensation for ,members of ,congress ,none of the obligations issued under subsection 7a7 may be used to pay compensation for ,members of ,congress4 7d7 ,obligations exempt from public debt limit ,obligations issued under subsection 7a7 shall not be taken into account in applying the limitation in section #caja7;b7 of title #ca1 ,united ,states ,code1 to the extent that such obligation would otherwise cause the limitation in section #caja7;b7 of title #ca1 ,united ,states ,code1 to be exceeded4 7e7 ,report on certain actions 7#a7 ,in general ,if1 after the date of the enactment of this ,act1 the ,secretary of the ,treasury exercises his authority under subsection 7a71 the ,secretary shall thereafter submit a report each week the authority is in use providing an accounting relating to-- 7,a7 the principal on mature obligations and interest that is due or accrued of the ,united ,states1 and 7,b7 any obligations issued pursuant to subsection 7a74 7#b7 ,submission ,the report required by paragraph 7#a7 shall be submitted to the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,finance of the ,senate4 #e4 ,rescission of unobligated balances 7a7 ,in general ,if a ,federal budget deficit exists in #bjad1 not later than ,july #af1 #bjae1 of the funds made available before ,october #a1 #bjji1 the ,president may rescind any unobligated balances of such funds4 7b7 ,report ,on the same date that the ,president orders a rescission under subsection 7a71 the ,president shall submit a report to ,congress containing the total amounts of the funds rescinded and the affected accounts4