Proposing a balanced budget amendment to the Constitution of the United States.
Key claim: The proposed constitutional amendment would require a balanced federal budget and mandate a three-fifths supermajority vote in both congressional chambers to run a deficit or raise the debt ceiling.
Abstract
(HJRES55 · 118th Congress) This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing. The amendment requires a three-fifths roll call vote of each chamber to increase the public debt limit. It prohibits a bill to increase revenue from becoming law unless it has been approved by a majority roll call vote of each chamber. The amendment also requires the President to submit an annual budget in which total outlays do not exceed total receipts. Congress may waive these requirements due to a declaration of war or a military conflict that causes an imminent and serious military threat to national security. Latest action (2023-04-18): Referred to the House Committee on the Judiciary.
Why this matters
The proposed constitutional amendment would require a balanced federal budget and mandate a three-fifths supermajority vote in both congressional chambers to run a deficit or raise the debt ceiling.