,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #ejhc  ,,in ,,the ,,house ,,of  
,,representatives  ,november #ad1       
#bjai,mr4 ,schweikert 7for himself1 ,mr4
 ,norman1 ,mr4 ,meadows1 and ,mr4       
,gaetz7 introduced the following bill2  
which was referred to the ,committee on 
,ways and ,means1 and in addition to the
 ,committees on ,financial ,services1   
the ,budget1 and ,rules1 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 provide that1 in the     
event that the ,secretary of the        
,treasury estimates that the debt       
ceiling will be reached1 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 assets1 and for
 other purposes4  #a4 ,short title ,this

 ,act may be cited as the ,debt ,ceiling
 ,alternative ,act4  #b4 ,estimate that 
borrowing will reach the statutory debt 
limit ,if the ,secretary of the         
,treasury makes an estimate of net      
marketable borrowing 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 ,secretary shall           
immediately notify ,congress of such    
estimate1 and the ,secretary of the     
,treasury shall issue bonds described   
under section #c and the ,president may 
take the actions described under        
sections #d and #e4  #c4 ,issuance of   
,,gdp-linked bonds to pay the principal 
and interest on the public debt  7a7 ,in
 general ,upon the issuance of a        
notification to ,congress under section 
#b1 the ,secretary of the ,treasury     
shall issue bonds-- 7#a7 with an        
interest rate linked to the nominal     
gross domestic product of the ,united   

,states2 and  7#b7 the proceeds from    
which may only be used to pay the       
principal and interest on obligations of
 the ,united ,states held by the public 
or the ,old-,age and ,survivors         
,insurance ,trust ,fund and ,disability 
,insurance ,trust ,fund4  7b7           
,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  7c7 ,report on certain       
actions  7#a7 ,in general ,if the       
,secretary of the ,treasury issues bonds
 under subsection 7a71 the ,secretary   
shall thereafter submit a report each   
week1 until all such bonds are redeemed1
 providing an accounting relating to--  
7,a7 the principal on mature obligations
 and interest that is due or accrued of 

the ,united ,states2 and  7,b7 any bonds
 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  
#d4 ,rescission of unobligated balances 
7a7 ,identification of unobligated      
balances ,upon the issuance of a        
notification under section #b1 the      
,president may issue a message to       
,congress containing a list of budget   
authority proposed to be rescinded4     
,such 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 made4  7b7 ,expedited   
consideration of rescissions ,a message 
issued pursuant to subsection 7a7 shall 
be deemed a special message for purposes
 of the expedited procedures described  
under section #ajag of the              
,congressional ,budget and ,impoundment 

,control ,act of #aigd 7#b ,u4,s4,c4    
#fhh74  #e4 ,sale of mortgage-related   
assets ,upon the issuance of a          
notification to ,congress under section 
#b1 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