Proposing an amendment to the Constitution of the United States relative to balancing the budget.

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 two-thirds vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.

The amendment prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product of the United States unless two-thirds of each chamber of Congress provides for a specific increase above this amount.

The amendment requires a two-thirds vote of each chamber of Congress to impose a new tax, increase the statutory rate of any tax, or increase the aggregate amount of revenue. It requires a three-fifths vote of each chamber to increase the limit on the debt of the United States.

The President must submit an annual budget in which total outlays do not exceed total receipts or 18% of the gross domestic product of the United States.

The amendment prohibits a court from ordering a revenue increase to enforce the requirements.

Congress may waive specified requirements when a declaration of war is in effect or the United States is engaged in a military conflict that causes an imminent and serious military threat to national security.

Bill 118 hjres 2, also known as the Balanced Budget Amendment, is a proposed amendment to the Constitution of the United States that aims to require the federal government to balance its budget each year. The bill was introduced in the US Congress with the goal of addressing the issue of increasing national debt and government spending.

If passed, the Balanced Budget Amendment would mandate that the federal government's total annual spending does not exceed its total annual revenue. This would mean that the government would be required to make adjustments to its budget in order to ensure that it is not operating at a deficit.

Supporters of the bill argue that a balanced budget requirement would promote fiscal responsibility and prevent the government from accumulating excessive debt. They believe that this amendment would force lawmakers to make tough decisions about spending priorities and would ultimately lead to a more sustainable financial future for the country. Opponents of the bill, however, raise concerns about the potential negative impact of a balanced budget requirement. They argue that such an amendment could limit the government's ability to respond to economic downturns or emergencies, as it would restrict the flexibility of policymakers to use deficit spending as a tool for stimulating the economy. Overall, the Balanced Budget Amendment is a controversial proposal that has sparked debate among lawmakers and experts about the best approach to addressing the country's fiscal challenges. It remains to be seen whether this bill will gain enough support to be passed into law and become a part of the US Constitution.