Last Friday a majority of deputies of the Congress voted for the reform of the Spanish Constitution. The majority parties (PSOE and PP) reached an agreement to reform Article 135. This article referred to the debt and loans the State can get. The new writing of the article includes a limit to the possibility of the State and Autonomous Communities of getting into debt and obtaining loans. The limit (debt ceiling) will be established in a subsequent Organic Law. The majority parties have decided that the deficit of the Spanish administrations can´t be more than 0.4% of the Gross Domestic Product (GDP). This loans and public debt limit tries to satisfy the demands of austerity and deficit control of the EU and to appease the so-called markets (investors for some, speculators for others).
This reform has been very controversial, because limiting the possibility of getting debts can mean the restriction of public investments and social expenses. The way the reform has been made has also caused a lot of protests. Two deputies of the PSOE voted against the reform and the minority parties consider that the constitutional consent has been broken, because the majority parties have decided the reform by themselves and very urgently. These parties criticize that there won´t be a referendum to ask the population for their opinion about the reform.
Here you have the text of article in English before the reform:
And this is the new article in Spanish:
The reform has to pass in the Senate as well.