H.J.Res.9 - Proposing an amendment to the Constitution of the United States prohibiting the United States Government from increasing its debt except for a specific purpose by law adopted by three-fourths of the membership of each House of Congress. (119th Congress)
Summary
H.J.Res.9 proposes a constitutional amendment requiring a three-fourths vote in both houses of Congress to increase the national debt, and only for a specific purpose defined by law. The amendment would take effect ten years after ratification by three-fourths of the states. This resolution aims to place stricter controls on the federal government's ability to accrue debt.
Expected Effects
If ratified, this amendment would significantly alter the process by which the United States Government can increase its debt. It would necessitate broader consensus within Congress for any debt increase. This could lead to decreased government spending and potentially impact the nation's ability to respond to economic crises or national emergencies.
Potential Benefits
- Could lead to greater fiscal discipline and reduced national debt over time.
- May force Congress to prioritize spending and make more responsible financial decisions.
- Could increase transparency and accountability in government spending.
- Potentially reduces the risk of future economic instability related to high debt levels.
- May lead to increased investor confidence due to perceived fiscal stability.
Most Benefited Areas:
Potential Disadvantages
- Could hinder the government's ability to respond effectively to economic recessions or national emergencies requiring immediate spending.
- May lead to political gridlock, making it difficult to address critical national needs.
- Could shift power to a minority of members of Congress, allowing them to block necessary debt increases.
- May result in underinvestment in essential public services and infrastructure.
- Could lead to economic instability if the government is unable to borrow during a crisis.
Constitutional Alignment
The proposal aligns with the Constitution's amendment process as outlined in Article V, which details how amendments can be proposed by Congress and ratified by the states. However, it could be argued that it infringes on the legislative powers granted to Congress in Article I, Section 8, which includes the power to borrow money on the credit of the United States. The requirement for a three-fourths majority could be seen as an undue restriction on this power.
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).