1. Short title This Act may be cited as the Debt Ceiling Alternative Act . 2. 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 States, as defined in section 3101 of title 31, United States Code, will reach the statutory limit during such quarter, the Secretary shall immediately notify Congress of such estimate, and the Secretary of the Treasury shall issue bonds described under section 3 and the President may take the actions described under sections 4 and 5. 3. Issuance of GDP-linked bonds to pay the principal and interest on the public debt (a) In general Upon the issuance of a notification to Congress under section 2, the Secretary of the Treasury shall issue bonds— (1) with an interest rate linked to the nominal gross domestic product of the United States; and (2) 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 Fund. (b) Obligations exempt from public debt limit Obligations issued under subsection (a) shall not be taken into account in applying the limitation in section 3101(b) of title 31, United States Code, to the extent that such obligation would otherwise cause the limitation in section 3101(b) of title 31, United States Code, to be exceeded. (c) Report on certain actions (1) In general If the Secretary of the Treasury issues bonds under subsection (a), the Secretary shall thereafter submit a report each week, until all such bonds are redeemed, providing an accounting relating to— (A) the principal on mature obligations and interest that is due or accrued of the United States