This joint resolution proposes a constitutional amendment that would impose a balanced budget requirement on the federal government, with specific rules for managing the national debt. The amendment would cap outstanding federal debt at 105 percent of the debt level at the time of ratification, and any increases beyond that initial cap would require approval from a simple majority of state legislatures within 60 days. The proposal also mandates a two-thirds vote in both houses of Congress to enact any new or increased income taxes, and requires the President to cut specific spending if the debt approaches 98 percent of the authorized limit—with failure to do so constituting an impeachable offense. Like all constitutional amendments, this would need approval from two-thirds of both the House and Senate and ratification by three-fourths of the states within seven years to take effect. The amendment would fundamentally reshape how Congress manages federal finances and taxes, affecting all Americans through potential changes to government spending, tax policy, and the size of the national debt.
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