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 119 HJRes 3, 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 House of Representatives and seeks to address the issue of the growing national debt by mandating that the government cannot spend more money than it takes in through revenue.

If passed, the Balanced Budget Amendment would require Congress to pass a balanced budget each fiscal year, meaning that the government would have to either increase revenue or decrease spending to ensure that expenditures do not exceed income. The bill also includes provisions for emergency situations, allowing for temporary deficits in times of war or other national emergencies.

Supporters of the Balanced Budget Amendment argue that it is necessary to ensure fiscal responsibility and prevent the government from accumulating unsustainable levels of debt. They believe that requiring a balanced budget would force Congress to make tough decisions about spending priorities and eliminate wasteful government programs. Opponents of the bill, however, argue that a Balanced Budget Amendment could have negative consequences, such as limiting the government's ability to respond to economic downturns or emergencies. They also point out that balancing the budget could require significant cuts to important programs like Social Security, Medicare, and defense spending. 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 nation's fiscal challenges. It remains to be seen whether the bill will gain enough support to pass in Congress and ultimately be ratified as an amendment to the Constitution.