of the United States shall not exceed total receipts of the Government of the United States at any point in time unless the excess of outlays over receipts is financed exclusively by debt issued in strict conformity with this article. 2. Outstanding debt shall not exceed authorized debt, which initially shall be an amount equal to 105 percent of the outstanding debt on the effective date of this article. Authorized debt shall not be increased above its aforesaid initial amount unless such increase is first approved by the legislatures of the several States as provided in section 3. 3. From time to time, Congress may increase authorized debt to an amount in excess of its initial amount set by section 2 only if it first publicly refers to the legislatures of the several States an unconditional, single subject measure proposing the amount of such increase, in such form as provided by law, and the measure is thereafter publicly and unconditionally approved by a simple majority of the legislatures of the several States, in such form as provided respectively by State law