H.J.Res.10 - Proposing a balanced budget amendment to the Constitution of the United States. (119th Congress)
Summary
H.J.Res.10 proposes a constitutional amendment mandating a balanced federal budget. It requires that total outlays for any fiscal year not exceed total receipts, unless a three-fifths majority of both houses of Congress approves a specific excess. The amendment also restricts increases to the public debt limit without a similar three-fifths majority vote.
Expected Effects
If ratified, this amendment would significantly constrain federal spending and debt accumulation. It would force Congress and the President to prioritize spending and potentially lead to cuts in various government programs. The amendment includes provisions for waiving the balanced budget requirement during declared wars or military conflicts that pose a serious threat to national security.
Potential Benefits
- Could lead to greater fiscal discipline and reduced national debt.
- May force Congress to prioritize essential government functions.
- Potentially lower long-term interest rates due to reduced borrowing.
- Could increase investor confidence in the U.S. economy.
- May lead to more transparent and accountable budget processes.
Most Benefited Areas:
Potential Disadvantages
- Could hinder the government's ability to respond to economic recessions or emergencies.
- May lead to cuts in essential social programs and infrastructure investments.
- Could create political gridlock due to the high threshold (three-fifths majority) required to waive the balanced budget requirement.
- May shift fiscal policy decisions to the judiciary if disputes arise over budget estimates or compliance.
- The amendment's restrictions could stifle economic growth during downturns.
Constitutional Alignment
The amendment process itself aligns with Article V of the U.S. Constitution, which outlines the procedures for proposing and ratifying amendments. The proposed amendment does not directly infringe upon any specific individual rights enumerated in the Bill of Rights. However, its potential impact on government services and programs could indirectly affect the welfare of citizens.
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).