Proposing a balanced budget amendment to the Constitution of the United States.
Summary
This document is a joint resolution proposing a balanced budget amendment to the United States Constitution. Introduced in the House of Representatives, it outlines a requirement for the federal government to balance expenditures and receipts, with exceptions for debt payment and emergency situations authorized by a two-thirds vote in both the House and Senate. The amendment allows for balancing over more than one year and sets a ten-year timeframe for achieving balance after ratification.
Expected Effects
If ratified, this amendment would constitutionally mandate a balanced federal budget, potentially leading to significant changes in government spending and taxation policies. Congress would need to adhere to strict fiscal constraints, potentially impacting various federal programs and services. Emergency spending would require supermajority approval.
Potential Benefits
- Potentially reduces national debt and deficits.
- Could lead to greater fiscal discipline in government spending.
- May increase investor confidence in the U.S. economy.
- Could result in lower interest rates due to reduced government borrowing.
- May force Congress to prioritize spending and eliminate wasteful programs.
Most Benefited Areas:
Potential Disadvantages
- Could lead to cuts in essential government services during economic downturns.
- May hinder the government's ability to respond effectively to national emergencies.
- Could result in increased taxes to balance the budget.
- The definition of 'emergency situations' is open to interpretation and potential abuse.
- May negatively impact economic growth during recessions due to reduced government spending.
Constitutional Alignment
This proposed amendment 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. The requirement for a two-thirds vote in both houses of Congress to authorize emergency spending aligns with the principle of checks and balances. However, it could be argued that it restricts the flexibility granted to Congress in Article I, Section 8, which grants broad powers to tax and spend for the general welfare.
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).