I 
114TH CONGRESS 
1ST SESSION H. R. 3753 
To require that the Government prioritize all obligations on the debt held 
by the public in the event that the debt limit is reached, to require 
the sale of Federal assets, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 9, 2015 
Mr. SCHWEIKERT introduced the following bill; which was referred to the 
Committee on Ways and Means, and in addition to the Committees on 
Oversight and Government Reform, Financial Services, and Appropria-
tions, 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 
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 reached, to require the sale of Federal 
assets, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Debt Ceiling Alter-
native Act’’. 
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
SEC. 2. ENSURING THE GOVERNMENT DOES NOT DEFAULT 
ON ITS DEBT OBLIGATIONS. 
(a) IN GENERAL.—If the Department of the Treas-
ury issues a marketable borrowing estimate for a quarter 
that estimates that the debt of the United States, as de-
fined in section 3101 of title 31, United States Code, will 
reach the statutory limit during such quarter, the Presi-
dent shall ensure that the aggregate of the amounts depos-
ited in the Treasury from the sale of assets described 
under subsection (b) and the disposal of real property pur-
suant to subchapter VII of chapter 5 of subtitle I of title 
40, United States Code, and the amount of any recision 
of unobligated balances pursuant to section 5, is sufficient 
to prevent the debt of the United States from reaching 
such statutory limit during such quarter. 
(b) AUTHORITY TO SELL ASSETS.—For purposes of 
subsection (a), the President may order the sale of the 
following assets, with the proceeds from such sales depos-
ited in the Treasury: 
(1) On-balance sheet non-performing mortgages 
of the Federal National Mortgage Association. 
(2) Other mortgages owned or held by the Fed-
eral National Mortgage Association. 
(3) Real estate owned properties of the Federal 
National Mortgage Association. 
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
(4) On-balance sheet non-performing mortgages 
of the Federal Home Loan Mortgage Corporation. 
(5) Other mortgages owned or held by the Fed-
eral Home Loan Mortgage Corporation. 
(6) Real estate owned properties of the Federal 
Home Loan Mortgage Corporation. 
(7) Mortgage-backed securities held by the 
Board of Governors of the Federal Reserve System 
or any Federal reserve bank. 
(c) USE OF FUNDS.—Any funds realized through this 
Act must be used for the retirement of old debt and 
issuance of new debt. 
SEC. 3. DISPOSAL OF REAL PROPERTY. 
(a) IN GENERAL.—Chapter 5 of subtitle I of title 40, 
United States Code, is amended by adding at the end the 
following: 
‘‘SUBCHAPTER VII—EXPEDITED DISPOSAL OF 
REAL PROPERTY 
‘‘§ 621. Definitions 
‘‘In this subchapter: 
‘‘(1) DIRECTOR.—The term ‘Director’ means 
the Director of the Office of Management and Budg-
et. 
‘‘(2) EXPEDITED
DISPOSAL
OF
REAL
PROP-
ERTY.—The term ‘expedited disposal of real prop-
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
erty’ means a demolition of real property or a sale 
of real property for cash that is conducted under the 
requirements of section 545. 
‘‘(3) LANDHOLDING AGENCY.—The term ‘land-
holding agency’ has the meaning given that term 
under section 501(i)(3) of the McKinney-Vento 
Homeless Assistance Act (42 U.S.C. 11411(i)(3)). 
‘‘(4) REAL PROPERTY.— 
‘‘(A) IN GENERAL.—The term ‘real prop-
erty’ means— 
‘‘(i) a parcel of real property under 
the administrative jurisdiction of the Fed-
eral Government that is— 
‘‘(I) excess; 
‘‘(II) surplus; 
‘‘(III) underperforming; or 
‘‘(IV) otherwise not meeting the 
needs of the Federal Government, as 
determined by the Director; and 
‘‘(ii) a building or other structure lo-
cated on real property described under 
clause (i). 
‘‘(B) EXCLUSION.—The term ‘real prop-
erty’ excludes any parcel of real property or 
building or other structure located on such real 
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
property that is to be closed or realigned under 
the Defense Base Closure and Realignment Act 
of 1990 (part A of title XXIX of Public Law 
101–510; 10 U.S.C. 2687 note). 
‘‘(5) REPRESENTATIVE OF THE HOMELESS.— 
The term ‘representative of the homeless’ has the 
meaning given that term under section 501(i)(4) of 
the McKinney-Vento Homeless Assistance Act (42 
U.S.C. 11411(i)(4)). 
‘‘§ 622. Pilot program 
‘‘(a) ESTABLISHMENT.—The Director of the Office 
of Management and Budget shall conduct a pilot program, 
to be known as the ‘Federal Real Property Disposal Pilot 
Program’, under which real property that is not meeting 
Federal Government needs may be disposed of in accord-
ance with this subchapter. 
‘‘(b) TERMINATION.—The Federal Real Property 
Disposal Pilot Program shall terminate 5 years after the 
date of the enactment of this subchapter. 
‘‘§ 623. Selection of real properties 
‘‘(a) AGENCY RECOMMENDATION OF PROPERTIES.— 
The head of each executive agency shall recommend can-
didate disposition real properties to the Director for par-
ticipation in the pilot program established under section 
622. 
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
‘‘(b) SELECTION
OF PROPERTIES.—The Director, 
with the concurrence of the head of the executive agency 
concerned and consistent with the criteria established in 
this subchapter, may then select such candidate real prop-
erties for participation in the pilot program and notify the 
recommending agency accordingly. 
‘‘(c) WEBSITE REQUIRED.—The Director shall en-
sure that all real properties selected for disposition under 
this section are listed on a website that shall— 
‘‘(1) be updated routinely; and 
‘‘(2) include the functionality to allow members 
of the public, at their option, to receive such updates 
through electronic mail. 
‘‘(d) NOTIFICATION OF PILOT PROGRAM.—The Sec-
retary of Housing and Urban Development shall ensure 
that efforts are taken to inform representatives of the 
homeless about— 
‘‘(1) the pilot program established under section 
622; and 
‘‘(2) the website under subsection (c). 
‘‘(e) AVAILABILITY
OF INFORMATION.—The Sec-
retary of Housing and Urban Development shall— 
‘‘(1) make available to the public upon request 
all information (other than valuation information), 
regardless of format, in the possession of the De-
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
partment of Housing and Urban Development relat-
ing to the properties listed on the website under sub-
section (c), including environmental assessment 
data; and 
‘‘(2) maintain a current list of agency contacts 
for making referrals to inquiries for information re-
lating to specific properties. 
‘‘§ 624. Suitability determination 
‘‘(a) SUITABILITY OF PROPERTY TO ASSIST THE 
HOMELESS.—After the Director selects the candidate real 
properties that may participate in the pilot program under 
section 623, the Secretary of Housing and Urban Develop-
ment shall determine whether each such real property is 
suitable for use to assist the homeless. 
‘‘(b) 
SUITABILITY
DETERMINATION
REQUIRE-
MENTS.—The Secretary of Housing and Urban Develop-
ment shall base the suitability determination required 
under subsection (a)— 
‘‘(1) on the suitability criteria identified by the 
Secretary of Housing and Urban Development under 
section 501(a) of the McKinney-Vento Homeless As-
sistance Act (42 U.S.C. 11411(a)); 
‘‘(2) for real properties located within a Federal 
installation, campus, or compound, on whether such 
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS
property can easily be transported to an off-site lo-
cation; and 
‘‘(3) for real properties where the predominant 
use is other than housing, on whether the size of the 
real property is equal to or greater than 100,000 
square feet. 
‘‘(c) INFORMATION REQUIRED TO BE PUBLISHED 
ON THE WEBSITE.—Immediately after a determination of 
suitability is made under this section, the Director shall 
publish, on the website described in section 623(c) the fol-
lowing information: 
‘‘(1) The address of each such real property. 
‘‘(2) The result of the suitability determination 
required under subsection (a) for each such real 
property. 
‘‘(3) The date on which the suitability deter-
mination was made. 
‘‘§ 625. Unsuitable real property 
‘‘(a) 20-DAY HOLD REQUIRED AFTER DETERMINA-
TION OF UNSUITABILITY.—If real property is determined 
unsuitable under section 624, such real property may not 
be disposed of or otherwise used for any other purpose 
for at least 20 days after such determination was made. 
‘‘(b) APPEAL.— 
VerDate Sep 11 2014 
03:37 Oct 15, 2015
Jkt 059200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H3753.IH
H3753
smartinez on DSK4TPTVN1PROD with BILLS