Debt Ceiling Alternative Act

[AI summary unavailable — showing source text] Debt Ceiling Alternative Act - Prescibes presidential action if the Treasury issues for a quarter a marketable borrowing estimate that the federal debt will reach the statutory limit during that quarter. Requires the President, in that case, to ensure that the aggregate amounts deposited in the Treasury from the sale of specified assets and the disposal of real property, as well as the amount of any rescissions of certain unobligated balances, is sufficient to prevent the federal debt from reaching the statutory limit during the quarter. Authorizes the President to order the sale of the following assets, depositing the proceeds in the Treasury: on-balance sheet non-performing mortgages of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), other mortgages owned or held by them, real estate owned properties of Fannie Mae and Freddie Mac, and mortgage-backed securities held by the Board of Governors of the Federal Reserve System or any federal reserve bank. Requires any funds realized through this Act to be used only for the retirement of old debt and issuance of new debt. Requires the Director of the Office of Manageme…