That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification: — 1. Total amount of debt, including debt held by the public and intragovernmental debt, of the United States Government may not be greater than 130 percent of the Gross Domestic Product of the United States during the first fiscal year this article is in effect. Each subsequent fiscal year the limitation in the previous sentence shall be reduced by 1 percent until such limitation is equal to 120 percent, which shall then be the limitation for purposes of this section for each subsequent fiscal year. 2. Total Federal debt, including debt held by the public and intragovernmental debt, may not exceed the levels prescribed under section 1 unless three-fifths of the whole number of each House of Congress shall provide by law for a specific excess of such debt for specified reasons by a rollcall vote each fiscal year. 3. Prior to each fiscal year, the President shall transmit to the Congress a proposed budget for the United States Government for that fiscal year, and the subsequent five-year period, in which total debt does not exceed the limit set forth in section 1. 4. The Congress may waive the provisions of this article in connection with defense spending for any fiscal year in which a declaration of war is in effect. The provisions of this article may be waived for any fiscal year in which the United States is directly engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law. Any such waiver must identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict. 5. The Congress