H.R. 37 proposes a constitutional amendment that would create a federal debt limit tied to the nation's economic output, starting at 130 percent of Gross Domestic Product and declining by 1 percent each year until it reaches 120 percent, where it would remain permanently. The amendment would require Congress to pass any budget that exceeds this limit with a three-fifths supermajority vote in both chambers, and would mandate that the President submit budgets complying with the limit. The measure includes exceptions for military conflicts declared through joint resolution and for wars authorized by Congress, allowing temporary waivers when national security is threatened. The amendment would take effect three fiscal years after ratification, assuming it is approved by three-fourths of state legislatures within seven years of congressional passage. This legislation essentially seeks to enshrine fiscal constraints into the Constitution, affecting all federal spending and revenues across government operations.
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