Bill > HR37

This bill proposes a constitutional amendment to limit the total federal debt of the United States to a percentage of its Gross Domestic Product (GDP). Specifically, in the first fiscal year after ratification, total debt (including public and intragovernmental debt) cannot exceed 130% of GDP, with the limit decreasing by 1% each subsequent year until it reaches 120% of GDP. The amendment would require that any excess beyond this limit must be approved by a three-fifths majority vote in both houses of Congress, with a specific rollcall vote each fiscal year. The President would be required to submit an annual budget proposal that keeps debt within these limits. The bill includes exceptions for wartime scenarios, allowing Congress to waive the debt limitations during a declared war or when the United States is engaged in a military conflict that poses an imminent and serious threat to national security. The waiver must be specific to the fiscal year and the identified military conflict. The amendment would take effect beginning with the third fiscal year after its ratification, and GDP would be calculated using the Bureau of Economic Analysis's standard method of measuring personal consumption expenditures, investment, government spending, and net exports.

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https://www.congress.gov/bill/119th-congress/house-bill/37/all-info