Our Proposal
We propose that Congress pass and submit to the states for ratification the following constitutional amendment:
The total public debt of the United States shall not exceed the debt limit established by this amendment.
The debt limit shall be 35,940,000,000,000 dollars on the 1st day of July, 2026.
The debt limit shall increase by three (3) percent to 37,018,200,000,000 dollars on the 1st day of July, 2027.
The debt limit shall increase by one half (1/2) of one percent to 37,203,291,000,000 dollars on the 1st day of July, 2028.
On the first day of every third month thereafter, the debt limit shall increase by an amount equal to one half (1/2) of one percent of the debt limit then in effect.
After each increase, the debt limit shall remain fixed at its new level until the next scheduled or approved increase.
The Congress shall have the authority to change the debt limit by a three fourths approval vote of both Houses.