I am just guessing, but from the question you asked, it doesn't appear that you've read the amendment. The earlier link was to an overview of the proposal, so here you can see the entire text of the bill:
In a nutshell, the plan is a very organized, highly structured one that starts at the only place you can logically start when attempting to deal with such monumental debt: It stops the magic money machine. It controls borrowing.
Once that is firmly establish, it forces discipline on the lawmakers, making them do the job they were sent there to do - make the hard choices. They ran for office, now let them take the actual responsibility, and not just the perks. And they'll do so with some interesting new definitions of and prerequisites for impeachment for failure to perform hanging over everyone's head, including and especially the president.
You really should take the time to look it over for yourself. There is no way any one person here can explain to you what is there in ten or so pages of legislation, other than to promise you that therein lies all your answers.
If reading all that legalese isn't your cup of tea, let me just share one little tidbit that may entice you to take the plunge:
One of the "new" stipulations regarding raising the national debt limit involves the president submitting a budgetary rationale for the request to Congress - under penalty of impeachment for failure to do so - and then Congress referring the request to the several states for ratification by their legislatures. Now, that's a gross oversimplification of the actual terms spelled out in the bill, but that is the overall concept - to hand the reins of control to the states.
Seriously... it makes for fascinating dreams instead of terrifying nightmares.
One of the "new" stipulations regarding raising taxes or increasing the national debt limit involves the president submitting a budgetary rationale for the request to Congress - under penalty of impeachment for failure to do so - and then Congress referring the request to the several states for ratification by their legislatures.
There. Now, go toss some Jiffy Pop in the microwave and enjoy!
Then let's start now. Where are Rep Braddock's cuts?