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Proposing a Federal debt limit amendment to the Constitution of the United States.

USA119th CongressHR-37| House 
| Updated: 1/3/2025
Rudy Yakym

Rudy Yakym

Republican Representative

Indiana

Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

HJRES 118-104
Proposing a Federal debt limit amendment to the Constitution of the United States.
Jan 3, 2025
Introduced in House
Jan 3, 2025
Referred to the House Committee on the Judiciary.
  • Bill from Previous Congress

    HJRES 118-104
    Proposing a Federal debt limit amendment to the Constitution of the United States.


  • January 3, 2025
    Introduced in House


  • January 3, 2025
    Referred to the House Committee on the Judiciary.

Economics and Public Finance

Budget deficits and national debtBudget processConstitution and constitutional amendments

Proposing a Federal debt limit amendment to the Constitution of the United States.

USA119th CongressHR-37| House 
| Updated: 1/3/2025
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HJRES 118-104
Proposing a Federal debt limit amendment to the Constitution of the United States.
Jan 3, 2025
Introduced in House
Jan 3, 2025
Referred to the House Committee on the Judiciary.
  • Bill from Previous Congress

    HJRES 118-104
    Proposing a Federal debt limit amendment to the Constitution of the United States.


  • January 3, 2025
    Introduced in House


  • January 3, 2025
    Referred to the House Committee on the Judiciary.
Rudy Yakym

Rudy Yakym

Republican Representative

Indiana

Judiciary Committee

Economics and Public Finance

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Budget deficits and national debtBudget processConstitution and constitutional amendments