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 declares an emergency and authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for payment of debt and receipts derived from borrowing.

The amendment requires a three-fifths roll call vote of each chamber to increase the public debt limit and a majority roll call vote of each chamber for bills that increase revenue.

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 21, 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 require Congress to 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. Additionally, the total amount of federal debt would be limited to a certain percentage of the country's Gross Domestic Product (GDP).

Supporters of the Balanced Budget Amendment argue that it would help control government spending and prevent the accumulation of excessive debt. They believe that a balanced budget requirement would force Congress to make tough decisions about spending priorities and ensure fiscal responsibility. Opponents of the amendment, however, argue that it could lead to harmful cuts in essential government programs during times of economic downturn. They also point out that the amendment could limit the government's ability to respond to emergencies or invest in important infrastructure projects. Overall, the Balanced Budget Amendment is a controversial proposal that has sparked debate among lawmakers and the public. Its potential impact on the country's fiscal policy and government programs makes it a significant piece of legislation to watch.