Proposing an amendment to the Constitution of the United States prohibiting the United States Government from increasing its debt except for a specific purpose by law adopted by three-fourths of the membership of each House of Congress.

Key Points

• This proposal would change the U.S. Constitution to make it much harder for the federal government to borrow money. Under this rule, the government could only increase its debt if three-fourths of the members in both the House and Senate vote 'yes' for a specific purpose.
• Currently, Congress can increase the debt limit with a simple majority vote. By requiring a 75% supermajority, this policy aims to force lawmakers to balance the budget or find broad agreement before adding to the national debt.
• If the amendment is approved by Congress and the states, the new rules would not start immediately. There would be a 10-year waiting period after it is officially added to the Constitution before the debt restrictions take effect.
• To become law, this proposal must first pass both the House and Senate with a two-thirds vote. After that, 38 out of 50 state legislatures would need to approve it within seven years for it to become a permanent part of the Constitution.