Proposing an amendment to the Constitution of the United States requiring a balanced budget for the Federal Government.
Summary
This document is a joint resolution introduced in the House of Representatives proposing a constitutional amendment requiring a balanced federal budget. The amendment would limit total expenditures for a year to the average annual receipts collected in the three prior years, adjusted for population changes and inflation. It includes exceptions for specific expenditures approved by a two-thirds vote of Congress and for years in which a declaration of war is in effect.
Expected Effects
If ratified, this amendment would constitutionally mandate fiscal constraints on the federal government. It would likely lead to significant changes in federal budgeting processes and potentially impact various government programs and services. New taxes or tax increases would require a two-thirds majority in both houses of Congress.
Potential Benefits
- Could lead to reduced federal debt and deficits.
- May promote greater fiscal discipline in government spending.
- Could potentially stabilize the economy by preventing excessive spending.
- Might increase government transparency and accountability in budgeting.
- Could lead to more efficient allocation of resources.
Most Benefited Areas:
Potential Disadvantages
- Could limit the government's ability to respond to economic recessions or emergencies.
- May lead to cuts in essential government programs and services.
- Could hinder investments in infrastructure, education, and research.
- The formula for calculating expenditure limits may be complex and subject to manipulation.
- Achieving the required two-thirds majority for exceptions could be difficult, leading to gridlock.
Constitutional Alignment
The proposal to amend the Constitution aligns with the Article V process for amendments, which requires a two-thirds vote in both houses of Congress and ratification by three-fourths of the states. The amendment itself, if ratified, would place new constraints on the powers of Congress, potentially impacting its ability to legislate and appropriate funds as granted in Article I, Section 8. The requirement for a two-thirds vote on new taxes echoes concerns about taxation without representation, a historical theme relevant to the Constitution's origins.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).