H.R. 37 proposes an amendment to the U.S. Constitution to control the federal debt limit. The amendment would restrict the total debt of the U.S. Government to 130% of the Gross Domestic Product (GDP) in the first fiscal year it is effective, reducing by 1% each year until reaching 120%....
Simple Explanation
The bill suggests a new rule for the U.S. government to keep its borrowings, or debt, under control by not letting it get too big compared to the money the country makes each year. However, this rule can be bent if enough people in Congress agree or if the country is in a war or facing big threats.