This joint resolution proposes a balanced budget amendment to the U.S. Constitution that would require federal government spending to not exceed revenues unless the deficit is financed through authorized debt. The amendment would establish an initial debt limit at 105 percent of outstanding debt at the time of ratification, with any increases requiring approval by a simple majority of state legislatures within 60 days. When debt reaches 98 percent of the authorized limit, the President would be required to publicly designate specific spending cuts to prevent exceeding the debt ceiling, or Congress could propose alternative cuts through a concurrent resolution, with failure to do so constituting an impeachable offense. The amendment also requires a two-thirds vote in both chambers to approve any new or increased income taxes, though this requirement would not apply to a national sales tax that replaces all federal income taxes or to changes in existing tax exemptions and deductions. The amendment would need ratification by three-fourths of state legislatures within seven years to become part of the Constitution.
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