H.J.Res.3 - Proposing an amendment to the Constitution of the United States relative to balancing the budget. (119th Congress)
Summary
H.J.Res.3 proposes a constitutional amendment mandating a balanced federal budget. It sets limits on total outlays, tying them to total receipts and a percentage of GDP. The amendment includes provisions for waivers in cases of war or military conflict and requires supermajorities in Congress to raise taxes or increase the debt limit.
Expected Effects
If ratified, this amendment would significantly constrain federal spending and debt. It would likely lead to substantial changes in budgetary processes and priorities. The amendment could also force Congress to make difficult choices regarding spending cuts or tax increases.
Potential Benefits
- Potentially reduces the national debt and promotes fiscal discipline.
- May lead to greater government efficiency and prioritization of essential services.
- Could foster greater investor confidence and long-term economic stability.
- May reduce the burden of debt on future generations.
- Could simplify the tax code.
Most Benefited Areas:
Potential Disadvantages
- Could hinder the government's ability to respond to economic recessions or emergencies.
- May lead to cuts in essential programs and services.
- Could create inflexibility in budget planning and execution.
- The supermajority requirements could lead to political gridlock.
- May disproportionately affect vulnerable populations who rely on government assistance.
Constitutional Alignment
The amendment process itself aligns with Article V of the US Constitution, which outlines the procedure for amending the Constitution. The proposed amendment touches upon the powers of Congress related to spending and taxation (Article I, Section 8). However, some argue that strict spending limits could impinge upon the implied powers necessary to carry out enumerated 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).