Proposing an amendment to the Constitution of the United States requiring a balanced budget for the Federal Government.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This joint resolution proposes a constitutional amendment that would require the U.S. Federal Government to maintain a balanced budget. Specifically, annual federal spending would be limited to an average of the three previous years’ revenue, adjusted for population growth and inflation, excluding debt payments and borrowing revenue. Congress would be able to exceed this limit with a two-thirds vote or during a declared war, and any new taxes or tax increases would require a similar two-thirds vote in both the House and Senate.
Key provisions
- Annual federal spending cannot exceed the average of the previous three years’ revenue.
- Revenue calculation adjusts for population changes and inflation.
- Congress can exceed the spending limit with a two-thirds vote.
- Congress can exceed the spending limit during a declared war.
- New taxes or tax increases require a two-thirds vote in both chambers.
- The amendment takes effect five years after ratification.
Who is affected
- The U.S. Federal Government
- Congress
- Taxpayers
- Citizens of the United States
Notable changes
- Requires a constitutional balance on federal spending.
- Limits the ability to levy new taxes without a supermajority vote.
- Establishes a specific method for calculating the budget limit.
Bill text
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Sponsors
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3 on record
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Cosponsors
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