Bill · H.R. 37· House(119-HR-37)
Proposing a Federal debt limit amendment to the Constitution of the United States.
- Introduced
- 1/3/2025
- Last activity
- 1/3/2025 — Referred to the House Committee on the Judiciary.
- Sponsored by
- Rudy Yakym
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill proposes a constitutional amendment to establish a federal debt limit. Under this amendment, the total debt of the United States would be capped at 130 percent of the Gross Domestic Product during the first effective fiscal year. This limit would decrease by 1 percent each year until it reaches a permanent floor of 120 percent. To exceed these limits, three-fifths of both Houses of Congress must approve a specific excess through a rollcall vote. The President would be required to submit budgets that do not exceed these established debt levels. Certain exceptions are provided for defense spending during times of war or declared military conflicts.
Yes· 3 of 15
Does this make the government pay for what it commits to?+8
The bill mandates a clear, constitutional formula for debt levels to ensure long-term fiscal discipline.
Does this reduce what the federal government owes?+5
The bill establishes a constitutional cap on total federal debt that decreases over time toward 120 percent of GDP.
Does this reduce what the federal government spends?+5
The bill requires the President to submit budgets that do not exceed the established debt limits, effectively constraining spending.
The opposite· 3 of 35
Would people over 65 be better off under this?-4
Debt limits on intragovernmental debt could negatively impact the long-term solvency of Social Security and Medicare.
Would retired people be better off under this?-4
The cap on debt and intragovernmental debt may threaten the long-term funding of retirement programs like Social Security.
Does this strengthen Social Security?-4
The cap on intragovernmental debt may negatively impact the funding capacity of trust funds like Social Security.
Who it would affect, and how
Potential Positive Impacts for People
-
Debt Ceiling Limits: The bill establishes a maximum debt level tied to the Gross Domestic Product, starting at 130 percent and gradually reducing to 120 percent (Section 1).
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Budgetary Discipline: The President is required to transmit a proposed budget that ensures total debt does not exceed the set limit (Section 3).
Potential Negative Impacts for People
-
Increased Legislative Hurdle: To exceed the debt levels, three-fifths of the whole number of each House of Congress must provide approval by law through a rollcall vote (Section 2).
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Strict Constraints on Spending: The debt limit applies to both debt held by the public and intragovernmental debt (Section 1).
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Limited Exceptions: While waivers exist for defense spending during a declaration of war or specific military conflicts, these waivers must be identified and limited to the specific increase made necessary by that conflict (Section 4).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Billionaires+1Good For Business Owners+1Good For Gun Owners+1Good For High Income Households+1Good For High Net Worth Individuals+1Good For Men+1Good For Middle Aged+1Good For Middle Class Households+1Good For Ultra High Net Worth Individuals+1Good For White Americans+1Good For Retirees-4Good For Seniors-4Good For Low Income Households-3Good For Native Americans-3Good For People With Disabilities-3Good For Union Workers-3Good For Veterans-3Good For African Americans-2Good For Children-2Good For Farmers-2Good For Hispanic Americans-2Good For Immigrants-2Good For L G B T Q Community-2Good For Rural Residents-2Good For Students-2Good For Urban Residents-2Good For Women-2Good For Young Adults-2Good For Asian Americans-1
- Economy And Finance
- Improves Fiscal Responsibility+8Reduces Government Spending+5Reduces National Debt+5Reduces Inflation+2Improves Economic Growth-2
- Education And Technology
- Improves Student Loan Relief-3Improves College Affordability-2Increases Public School Funding-2Increases Scientific Research Funding-2Increases Space Exploration-2
- Environment Energy And Infrastructure
- Improves Disaster Relief And F E M A-3Improves Public Transit-2Improves Roads And Bridges-2Improves Rural Development-2
- National Security And Foreign Policy
- Increases Foreign Aid-3Reduces Military Spending-3Improves Veterans Benefits-2
- Social Issues And Justice
- Improves Social Security-4Improves Poverty Reduction-3
- Governance And Ideology
- Improves Government Transparency+2Increases Federal Power-2
- 1/3/2025
- Referred to the House Committee on the Judiciary.
- Introduced in House