HJRES 10
Proposing a balanced budget amendment to the Constitution of the United States.
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Bill overview
This joint resolution proposes a constitutional amendment that would require the U.S. federal government to balance its budget each year, meaning total spending cannot exceed total revenue unless approved by a supermajority vote in both the House and Senate. The amendment also places limits on increasing the national debt and requires the President to submit an annual budget showing that spending doesn't exceed revenue. Certain exceptions, such as during a declared war or military conflict, would allow for temporary waivers of these requirements.
Key provisions
- Federal spending in any fiscal year cannot exceed federal revenue unless approved by a three-fifths vote in both the House and Senate.
- The debt limit can only be increased with a three-fifths vote in both the House and Senate.
- The President must submit an annual budget showing that total outlays do not exceed total receipts.
- Bills to increase revenue require a majority vote in both the House and Senate.
- Waivers for budget requirements are possible during declared war or military conflict.
- Waivers must be specific to the fiscal year and the reason for the exception.
- Total receipts exclude borrowing, and total outlays exclude debt principal repayments.
- The amendment takes effect five fiscal years after ratification.
Who is affected
- The U.S. Federal Government
- Congress
- The President
- Taxpayers
- Future Generations
Notable changes
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119th CONGRESS — 1st Session
H. J. RES. 10
IN THE HOUSE OF REPRESENTATIVES
JOINT RESOLUTION
Proposing a balanced budget amendment to the Constitution of the United States.
That the following article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification: