Proposing a balanced budget amendment to the Constitution of the United States.

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.

Bill 118 hjres 12, also known as the Balanced Budget Amendment, is a proposed amendment to the Constitution of the United States. The purpose of this amendment is to require the federal government to operate with a balanced budget, meaning that its spending cannot exceed its revenue.

The amendment would mandate that Congress pass a budget each year that does not result in a deficit, unless a three-fifths majority in both the House of Representatives and the Senate vote to allow for a deficit in certain circumstances, such as during times of war or national emergency.

Supporters of the Balanced Budget Amendment argue that it would promote fiscal responsibility and prevent the government from accumulating excessive debt. They believe that forcing the government to live within its means would lead to a more stable economy and protect future generations from the burden of paying off large amounts of debt. Opponents of the amendment, however, argue that it could limit the government's ability to respond to economic downturns or emergencies by restricting its ability to borrow money. They also raise concerns about the potential impact on social programs and government services if spending cuts are necessary to balance the budget. Overall, the Balanced Budget Amendment is a controversial proposal that has sparked debate among lawmakers and the public about the best way to ensure the financial stability of the federal government.