HJRES 2
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 to establish a balanced budget for the United States government. The amendment would require that the government’s spending (outlays) cannot exceed its income (receipts) in any given fiscal year. It would also prohibit increasing the national debt limit and require a two-thirds vote in both the House and Senate for any legislation that raises revenue.
Key provisions
- Government spending must equal or be less than government revenue.
- The national debt limit cannot be increased.
- Revenue-raising bills require a two-thirds vote in both the House and Senate.
Who is affected
- The United States Federal Government
- Taxpayers
- Future generations
Notable changes
- Requires adherence to a balanced budget annually.
- Limits the ability of Congress to raise revenue.
- Increases the threshold for passing legislation that impacts the budget.
Fiscal impact
The amendment could significantly impact federal spending and revenue, potentially leading to reduced government programs and economic adjustments.
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119th CONGRESS — 1st Session
H. J. RES. 2
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: