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This proposed amendment would add a rule to the Constitution that limits how much total federal debt the United States can have compared to the size of the economy. It counts all federal debt, including both debt held by the public and debt the government owes to itself. When the rule first starts, the total debt cannot be more than 130% of Gross Domestic Product (GDP). Each year after that the limit drops by 1 percentage point until it reaches a permanent cap of 120% of GDP. If the government wants to exceed the limit in any year, both the House and Senate must approve that excess with a recorded vote meeting a three-fifths majority. The President must send Congress a proposed budget each year, plus a five-year projection, showing the government will stay within the debt limit. The amendment allows temporary exceptions for war or serious military threats if Congress approves a limited waiver; any exception must say exactly how much extra debt is needed and why. The amendment would take effect starting with the third fiscal year after it is ratified by state legislatures, and it must be ratified by three-quarters of the states within seven years. The Bureau of Economic Analysis would be the agency to calculate GDP for applying the limit, and Congress would pass laws to implement and enforce the amendment.
- The debt cap starts at 130% of GDP, falls by 1 percentage point each year until it reaches 120%, and then stays at 120%; "debt" includes public and intragovernmental debt.
- To exceed the cap any year, three-fifths of the whole membership of each House must pass a law by rollcall vote specifying the excess and reasons.
- The President must submit a budget before each fiscal year and a five-year projection showing compliance with the debt limit.
- Waivers are allowed for declared war or an imminent serious military threat if Congress approves a limited, specific waiver; any excess must be identified and constrained to that fiscal year.
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Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 37 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 37
Proposing a Federal debt limit amendment to the Constitution of the
United States.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 3, 2025
Mr. Yakym introduced the following bill; which was referred to the
Committee on the Judiciary
_______________________________________________________________________
A BILL
Proposing a Federal debt limit amendment to the Constitution of the
United States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, That the following
article is proposed as an amendment to the Constitution of the United
States, which shall be valid to all intents and purposes as part of the
Constitution when ratified by the legislatures of three-fourths of the
several States within 7 years after the date of its submission for
ratification:
``Article--
``Section 1. Total amount of debt, including debt held by the
public and intragovernmental debt, of the United States Government may
not be greater than 130 percent of the Gross Domestic Product of the
United States during the first fiscal year this article is in effect.
Each subsequent fiscal year the limitation in the previous sentence
shall be reduced by 1 percent until such limitation is equal to 120
percent, which shall then be the limitation for purposes of this
section for each subsequent fiscal year.
``Section 2. Total Federal debt, including debt held by the public
and intragovernmental debt, may not exceed the levels prescribed under
section 1 unless three-fifths of the whole number of each House of
Congress shall provide by law for a specific excess of such debt for
specified reasons by a rollcall vote each fiscal year.
``Section 3. Prior to each fiscal year, the President shall
transmit to the Congress a proposed budget for the United States
Government for that fiscal year, and the subsequent 5-year period, in
which total debt does not exceed the limit set forth in section 1.
``Section 4. The Congress may waive the provisions of this article
in connection with defense spending for any fiscal year in which a
declaration of war is in effect. The provisions of this article may be
waived for any fiscal year in which the United States is directly
engaged in military conflict which causes an imminent and serious
military threat to national security and is so declared by a joint
resolution, adopted by a majority of the whole number of each House,
which becomes law. Any such waiver must identify and be limited to the
specific excess or increase for that fiscal year made necessary by the
identified military conflict.
``Section 5. The Congress shall implement and enforce this article
by appropriate legislation, which may rely on estimates of outlays and
receipts.
``Section 6. For purposes of this article, Gross Domestic Product
shall be the sum of personal consumption expenditures, investment,
government spending, and net exports, and shall be determined by the
Bureau of Economic Analysis or any successor agency.
``Section 7. This article shall take effect beginning with the
third fiscal year beginning after its ratification.''.
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