The bill proposes a constitutional amendment to establish a strict limit on the total amount of Federal debt , including both public and intragovernmental debt. This limit would initially be set at 130 percent of the Gross Domestic Product (GDP) during the first fiscal year the amendment is in effect. The ceiling would then gradually reduce by one percent annually until it reaches 120 percent of GDP , which would serve as the permanent limitation thereafter. This measure aims to control government borrowing by directly linking it to the nation's economic output. Exceeding this prescribed debt level would require a three-fifths supermajority vote of the whole number of each House of Congress annually for specified reasons. The President would also be mandated to submit a proposed budget ensuring total debt remains within the established limit for the upcoming fiscal year and the subsequent five-year period. The amendment allows for waivers during a declared war or a direct military conflict posing an imminent national security threat, provided such a waiver is approved by a majority of each House and is limited to the necessary increase, with Congress responsible for its implementation.