WASHINGTON, DC – Today, Congressman David Schweikert (AZ-06) re-introduced H.R. 5083, the Debt Ceiling Alternative Act, which would help responsibly manage the debt once the federal government reaches its borrowing limit. Once enacted, this bill would require the Treasury Secretary to issue bonds linked to U.S. Gross Domestic Product, called ‘trills’, to pay the principal and interest on the public debt. This legislation would also authorize the President to rescind certain unobligated balances, which are currently estimated to be over $1,000 billion, in addition to selling off certain mortgage-related assets.
“The debt is sky-rocketing out of control, yet Congress still fails to address our massive spending problem. Unless Congress begins managing the debt, it will inevitably need to address raising the debt ceiling again. This legislation would use trills as a responsible management tool to help the federal government meet its debt obligations,” said Congressman David Schweikert.
Trill dividends fluctuate depending on GDP, therefore creating a more stable stimulus. Under H.R. 5083, these GDP-linked bonds would help relieve recession pressures on the government once the debt limit is reached.
Congressman Schweikert previously introduced the Debt Ceiling Alternative Act during the 115th Congress. Original Co-Sponsors of the bill include Congressman Mark Meadows (NC-11), Congressman Ralph Norman (SC-05), and Congressman Matt Gaetz (FL-01).
H.R. 5083 is endorsed by FreedomWorks. Full text of the legislation can be found HERE.
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