This joint resolution proposes a constitutional amendment requiring Congress to adopt a two-year appropriations process and pass budgets in which spending does not exceed revenue, measured using the average revenue of the previous three years. It would require detailed listings of certain appropriations and make the full text of appropriation bills public at least 72 hours before consideration.
The amendment would create a budget stabilization fund, with yearly deposits and targets of 5% of prior-year net revenue by the fifth year and 10% by the tenth year. Withdrawals would be limited to revenue shortfalls or emergencies, and withdrawn funds would have to be replenished within five years. A commission would meet every 10 years while federal debt exceeds 60% of gross domestic product and make recommendations for Congress to consider.
The President would submit a two-year balanced-budget proposal and could veto specific provisions of appropriation bills if projected spending exceeds projected revenue. Congress could override that veto with a three-fourths vote in each House. The amendment would take effect two years after ratification by three-fourths of the states. The resolution was introduced and referred to the Senate Judiciary Committee; it has not been ratified.
If ratified, the amendment would change how Congress and the President prepare and review budgets. The text does not specify direct changes to individual taxes, benefits, or services.
The amendment would require yearly deposits into a budget stabilization fund of at least 1% of the prior fiscal year's net revenue collections, with larger fund targets over time. No publicly available information gives an estimated total cost or funding effect.
No publicly available information.
No publicly available information.