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

HR 37 proposes a constitutional amendment that would establish a permanent debt limit for the U.S. government, capping total federal debt (including public and intragovernmental debt) at 130% of GDP in the first year it takes effect. This cap would gradually decrease by 1% annually until reaching a stable limit of 120% of GDP, which would apply permanently thereafter. Congress would need a three-fifths vote in each chamber to approve any debt exceeding this limit for specific reasons, and the President must submit a budget adhering to the cap each year. The amendment includes limited waivers for declared wars or imminent military threats requiring a joint resolution approval. If ratified, it would take effect starting in the third fiscal year after ratification.