The main purpose of this proposed amendment to the U.S. Constitution is to limit the federal government's ability to increase its debt. It aims to ensure that any increase in government debt can only occur for specific purposes and must be approved by a significant majority in Congress, specifically three-fourths of the members in both the House of Representatives and the Senate. Key provisions of this amendment include a strict requirement that any increase in the national debt must be authorized by law, which must receive the support of three-fourths of both chambers of Congress.