This joint resolution proposes a constitutional amendment that would impose a federal debt limit tied to the nation's Gross Domestic Product. Under the proposal, total U.S. government debt could not exceed 130 percent of GDP in the first fiscal year the amendment takes effect, then would decrease by 1 percent each year until it reaches 120 percent of GDP, where it would remain permanently. The amendment would require the President to submit budgets that comply with these limits and would allow Congress to exceed the debt ceiling only through a supermajority vote in both chambers, though wartime spending could be exempted with a declaration of war or military conflict. The amendment would need approval from two-thirds of both the House and Senate, followed by ratification by three-fourths of state legislatures within seven years to become part of the Constitution. The measure would take effect three fiscal years after ratification and would fundamentally change how the federal government manages its borrowing.
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