Total debt held by the public shall not exceed 120% of gross domestic product (public debt/GDP) as reported by the Treasury Department, absent a formal Declaration of War in accordance with the provisions of this Constitution. Effective no later than the end of Fiscal 2040, total debt held by the public shall not exceed 90% of GDP absent a formal declaration of war or due to an unexpected national emergency with a 60% vote by both houses of the Congress and the concurrence of the President. Any such waiver vote must occur for each fiscal year the limit would otherwise be violated. The Congress shall enact legislation to operationalize this provision within a year of ratification of this Amendment. This legislative provision must include gradual and continual reductions in annual public debt/GDP levels between the date of enactment and Fiscal 2040. Any member of the Senate or House who is in office in a year that this Amendment is not fully complied with shall not be eligible for re-election.