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

HJRES 104 proposes a constitutional amendment setting a federal debt limit at 130% of GDP for the first year after ratification, decreasing by 1% annually until reaching a permanent 120% GDP cap. It requires a three-fifths vote in both congressional chambers to exceed this limit for specific reasons, mandates annual presidential budget submissions adhering to the cap, and allows temporary waivers only for declared wars or national security threats with specific congressional approval. The amendment would directly affect federal budgeting processes, requiring Congress to manage debt within these constitutional constraints. It defines GDP using standard economic measures (personal consumption, investment, government spending, and net exports) as tracked by the Bureau of Economic Analysis. This proposal, if ratified, would fundamentally alter how the federal government manages its borrowing ceiling.