IA 

118TH CONGRESS 

1ST SESSION H. J. RES. 104 

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

States. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 29, 2023 

Mr. YAKYM submitted the following joint resolution; which was referred to the 

Committee on the Judiciary 

JOINT RESOLUTION 

Proposing a Federal debt limit amendment to the 

Constitution of the United States. 

1 Resolved by the Senate and House of Representatives 

2 of the United States of America in Congress assembled (two3 thirds of each House concurring therein), That the fol4 lowing article is proposed as an amendment to the Con5 stitution of the United States, which shall be valid to all 

6 intents and purposes as part of the Constitution when 

7 ratified by the legislatures of three-fourths of the several 

8 States within seven years after the date of its submission 

9 for ratification: 


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1 ‘‘ARTICLE— 

2 ‘‘SECTION 1. Total amount of debt, including debt 

3 held by the public and intragovernmental debt, of the 

4 United States Government may not be greater than 130 

5 percent of the Gross Domestic Product of the United 

6 States during the first fiscal year this article is in effect. 

7 Each subsequent fiscal year the limitation in the previous 

8 sentence shall be reduced by 1 percent until such limita9 tion is equal to 120 percent, which shall then be the limita10 tion for purposes of this section for each subsequent fiscal 

11 year. 

12 ‘‘SECTION 2. Total Federal debt, including debt held 

13 by the public and intragovernmental debt, may not exceed 

14 the levels prescribed under section 1 unless three-fifths of 

15 the whole number of each House of Congress shall provide 

16 by law for a specific excess of such debt for specified rea17 sons by a rollcall vote each fiscal year. 

18 ‘‘SECTION 3. Prior to each fiscal year, the President 

19 shall transmit to the Congress a proposed budget for the 

20 United States Government for that fiscal year, and the 

21 subsequent five-year period, in which total debt does not 

22 exceed the limit set forth in section 1. 

23 ‘‘SECTION 4. The Congress may waive the provisions 

24 of this article in connection with defense spending for any 

25 fiscal year in which a declaration of war is in effect. The 


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1 provisions of this article may be waived for any fiscal year 

2 in which the United States is directly engaged in military 

3 conflict which causes an imminent and serious military 

4 threat to national security and is so declared by a joint 

5 resolution, adopted by a majority of the whole number of 

6 each House, which becomes law. Any such waiver must 

7 identify and be limited to the specific excess or increase 

8 for that fiscal year made necessary by the identified mili9 tary conflict. 

10 ‘‘SECTION 5. The Congress shall implement and en11 force this article by appropriate legislation, which may rely 

12 on estimates of outlays and receipts. 

13 ‘‘SECTION 6. For purposes of this article, Gross Do14 mestic Product shall be the sum of personal consumption 

15 expenditures, investment, government spending, and net 

16 exports, and shall be determined by the Bureau of Eco17 nomic Analysis or any successor agency. 

18 ‘‘SECTION 7. This article shall take effect beginning 

19 with the third fiscal year beginning after its ratification.’’. 

Æ 


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