H.R. 37 — Proposing a Federal debt limit amendment to the Constitution of the United States.

H.R. 37 — Proposing a Federal debt limit amendment to the Constitution of the United States. | JustPolicyThe main purpose of this proposed amendment is to establish a limit on the federal debt of the United States. It aims to ensure that the total amount of debt does not exceed a certain percentage of the country's Gross Domestic Product (GDP). This is intended to promote fiscal responsibility and prevent excessive borrowing by the government. Key provisions of the amendment include a specific debt limit set at 130 percent of GDP for the first fiscal year after the amendment is ratified.