,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #cg  ,,in ,,the ,,house ,,of    
,,representatives  ,january #c1 #bjbe   
,mr4 ,yakym introduced the following    
bill2 which was referred to the         
,committee on the ,judiciary  ,a ,,bill 
,proposing a ,federal debt limit        
amendment to the ,constitution of the   
,united ,states4  ,that the following   
article is proposed as an amendment to  
the ,constitution of the ,united        
,states1 which shall be valid to all    
intents and purposes as part of the     
,constitution when ratified by the      
legislatures of three-fourths of the    
several ,states within #g years after   
the date of its submission for          
ratification3  -- #a4 ,total amount of  
debt1 including debt held by the public 
and intragovernmental debt1 of the      
,united ,states ,government may not be  
greater than #acj percent of the ,gross 
,domestic ,product of the ,united       
,states during the first fiscal year    
this article is in effect4 ,each        

subsequent fiscal year the limitation in
 the previous sentence shall be reduced 
by #a percent until such limitation is  
equal to #abj percent1 which shall then 
be the limitation for purposes of this  
section for each subsequent fiscal year4
  #b4 ,total ,federal debt1 including   
debt held by the public and             
intragovernmental debt1 may not exceed  
the levels prescribed under section #a  
unless three-fifths of the whole number 
of each ,house of ,congress shall       
provide by law for a specific excess of 
such debt for specified reasons by a    
rollcall vote each fiscal year4  #c4    
,prior to each fiscal year1 the         
,president shall transmit to the        
,congress a proposed budget for the     
,united ,states ,government for that    
fiscal year1 and the subsequent #e-year 
period1 in which total debt does not    
exceed the limit set forth in section   
#a4  #d4 ,the ,congress may waive the   
provisions of this article in connection
 with defense spending for any fiscal   

year in which a declaration of war is in
 effect4 ,the provisions of this article
 may be waived for any fiscal year in   
which the ,united ,states is directly   
engaged in military conflict which      
causes an imminent and serious military 
threat to national security and is so   
declared by a joint resolution1 adopted 
by a majority of the whole number of    
each ,house1 which becomes law4 ,any    
such waiver must identify and be limited
 to the specific excess or increase for 
that fiscal year made necessary by the  
identified military conflict4  #e4 ,the 
,congress shall implement and enforce   
this article by appropriate legislation1
 which may rely on estimates of outlays 
and receipts4  #f4 ,for purposes of this
 article1 ,gross ,domestic ,product     
shall be the sum of personal consumption
 expenditures1 investment1 government   
spending1 and net exports1 and shall be 
determined by the ,bureau of ,economic  
,analysis or any successor agency4  #g4 
,this article shall take effect         

beginning with the third fiscal year    
beginning after its ratification4  4