,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cg  ,,9 ,,! ,,h\se ,,(             
,,repres5tatives  ,janu>y #c1 #bjbe ,mr4
 ,yakym introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ! ,judici>y   
,a ,,bill  ,propos+ a ,f$]al debt limit 
am5dm5t to ! ,con/itution ( ! ,unit$    
,/ates4  ,t ! foll[+ article is propos$ 
z an am5dm5t to ! ,con/itution ( !      
,unit$ ,/ates1 :i* %all be valid to all 
int5ts & purposes z "p ( ! ,con/itution 
:5 ratifi$ by ! legislatures (          
?ree-f\r?s ( ! sev]al ,/ates )9 #g ye>s 
aft] ! date ( its submission =          
ratification3  -- #a4 ,total am\nt (    
debt1 includ+ debt held by ! public &   
intragov]nm5tal debt1 ( ! ,unit$ ,/ates 
,gov]nm5t may n be great] ?an #acj p]c5t
 ( ! ,gross ,dome/ic ,product ( ! ,unit$
 ,/ates dur+ ! fir/ fiscal ye> ?is      
article is 9 effect4 ,ea* subsequ5t     
fiscal ye> ! limitation 9 ! previ\s     
s5t5ce %all be r$uc$ by #a p]c5t until  
su* limitation is equal to #abj p]c5t1  
:i* %all !n be ! limitation = purposes (

 ?is section = ea* subsequ5t fiscal ye>4
  #b4 ,total ,f$]al debt1 includ+ debt  
held by ! public & intragov]nm5tal debt1
 may n exce$ ! levels prescrib$ "u      
section #a unless ?ree-fif?s ( ! :ole   
numb] ( ea* ,h\se ( ,congress %all      
provide by law = a specific excess ( su*
 debt = specifi$ reasons by a rollcall  
vote ea* fiscal ye>4  #c4 ,prior to ea* 
fiscal ye>1 ! ,presid5t %all transmit to
 ! ,congress a propos$ budget = ! ,unit$
 ,/ates ,gov]nm5t = t fiscal ye>1 & !   
subsequ5t #e-ye> p]iod1 9 :i* total debt
 does n exce$ ! limit set =? 9 section  
#a4  #d4 ,! ,congress may waive !       
provisions ( ?is article 9 connection ) 
def5se sp5d+ = any fiscal ye> 9 :i* a   
decl>ation ( w> is 9 effect4 ,!         
provisions ( ?is article may be waiv$ = 
any fiscal ye> 9 :i* ! ,unit$ ,/ates is 
directly engag$ 9 milit>y conflict :i*  
causes an imm95t & s]i\s milit>y ?reat  
to national security & is s decl>$ by a 
jo9t resolution1 adopt$ by a majority ( 
! :ole numb] ( ea* ,h\se1 :i* becomes   

law4 ,any su* waiv] mu/ id5tify & be    
limit$ to ! specific excess or increase 
= t fiscal ye> made necess>y by !       
id5tifi$ milit>y conflict4  #e4 ,!      
,congress %all implem5t & en=ce ?is     
article by appropriate legislation1 :i* 
may rely on e/imates ( outlays &        
receipts4  #f4 ,= purposes ( ?is        
article1 ,gross ,dome/ic ,product %all  
be ! sum ( p]sonal consumption          
exp5ditures1 inve/m5t1 gov]nm5t sp5d+1 &
 net exports1 & %all be det]m9$ by !    
,bureau ( ,economic ,analysis or any    
successor ag5cy4  #g4 ,?is article %all 
take effect beg9n+ ) ! ?ird fiscal ye>  
beg9n+ aft] its ratification4  4