H.J.Res.2 - Proposing a balanced budget amendment to the Constitution of the United States. (119th Congress)
Summary
H.J.Res. 2 proposes an amendment to the U.S. Constitution mandating a balanced federal budget. The amendment stipulates that total outlays for any fiscal year cannot exceed total receipts. It also prohibits increasing the debt limit and requires a two-thirds majority in both houses of Congress to pass any bill that increases revenue.
Expected Effects
If ratified, this amendment would significantly constrain federal spending and debt. It would necessitate substantial changes to budgetary processes and potentially impact government programs and services. The requirement for a supermajority to raise revenue could lead to political gridlock.
Potential Benefits
- Reduced National Debt: Could lead to lower national debt and interest payments.
- Fiscal Discipline: May force Congress to prioritize spending and make more efficient use of taxpayer money.
- Economic Stability: Could foster greater economic stability by preventing excessive government borrowing.
Most Benefited Areas:
Potential Disadvantages
- Limited Flexibility: Restricts the government's ability to respond to economic downturns or national emergencies.
- Program Cuts: Could lead to cuts in essential government programs and services.
- Increased Gridlock: The supermajority requirement for revenue increases could lead to political gridlock and prevent necessary adjustments to the budget.
- Potential for unintended consequences: Could incentivize Congress to find loopholes to circumvent the amendment's restrictions.
Constitutional Alignment
The amendment process itself aligns with Article V of the U.S. Constitution, which outlines the procedures for amending the Constitution. However, the specific provisions of the proposed amendment could be seen as conflicting with the broad powers granted to Congress in Article I, Section 8, which includes the power to lay and collect taxes, pay debts, and provide for the common defense and general welfare of the United States. The amendment seeks to place specific limitations on these powers.
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).