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 55, 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 a deficit in certain circumstances, such as during times of war or national emergency.

Supporters of the Balanced Budget Amendment argue that it would help control government spending and reduce the national debt, which is currently over $28 trillion. They believe that a balanced budget requirement would force Congress to make tough decisions about spending priorities and prevent future generations from being burdened with excessive debt. Opponents of the amendment argue that it could lead to cuts in important government programs, such as Social Security and Medicare, and hinder the government's ability to respond to economic downturns or emergencies. They also point out that balancing the budget could be difficult during times of recession or when facing unexpected expenses. Overall, the Balanced Budget Amendment is a controversial proposal that has sparked debate among lawmakers and the public about the best way to address the federal government's fiscal challenges. It remains to be seen whether this amendment will gain enough support to be passed by Congress and ratified by the states.