This joint resolution proposes a new amendment to the Constitution that would require the federal government to balance its budget. It would make total annual outlays not exceed total annual receipts unless three-fifths of each House of Congress votes by rollcall to allow an excess. It would also stop increases in the public debt limit unless three-fifths of each House approves by rollcall. The President would have to send Congress a proposed budget each year in which outlays do not exceed receipts. No bill that raises revenue could become law unless approved by a majority of the whole number of each House by rollcall vote. The amendment allows Congress to waive these rules during a declared war or certain serious military conflicts, using a joint resolution approved by a majority of each House, and any waiver must identify the specific excess needed. The amendment defines receipts (excluding borrowing) and outlays (excluding repayment of debt principal), says Congress will implement the amendment by law and may use estimates, and would take effect beginning with the fifth fiscal year after ratification by three-fourths of the states within seven years.
If adopted, this amendment would change the rules Congress and the President must follow when making the federal budget. It would require yearly budgets where spending does not exceed receipts except when the specified supermajority votes allow otherwise. It would make raising the public debt limit harder without a three-fifths vote and require majority approval for revenue increases. The amendment includes a process to waive these limits during war or serious military threats. Exact effects on federal programs, taxes, services, or individual households are not specified in the text. No publicly available information on specific effects for individuals or programs is included in the bill text or metadata provided.
The amendment changes fiscal rules by limiting outlays and restricting increases in the public debt limit, but it does not include any cost estimates, scores, or projected budgetary effects. No publicly available information on estimated costs or budgetary effects is included in the bill text or metadata provided.
No publicly available information.
No publicly available information.