A joint resolution proposing an amendment to the Constitution of the United States relative to balancing the budget.
12/15/2023, 4:05 PMSummary of Bill SJRES 13
Bill 118 SJRes 13, also known as a joint resolution proposing an amendment to the Constitution of the United States relative to balancing the budget, aims to address the issue of the federal budget deficit. The resolution proposes an amendment to the Constitution that would require the federal government to balance its budget each fiscal year.The resolution seeks to impose fiscal discipline on the government by mandating that expenditures not exceed revenues in any given year. This would prevent the government from running deficits and accumulating more debt. The goal of the resolution is to promote responsible spending and ensure that the government operates within its means.
Supporters of the resolution argue that balancing the budget is essential for the long-term economic health of the country. They believe that excessive government spending and debt can lead to inflation, higher interest rates, and a weakened economy. By requiring the government to balance its budget, the resolution aims to promote fiscal responsibility and prevent future financial crises. Opponents of the resolution, however, argue that a balanced budget amendment could have negative consequences. They argue that it could limit the government's ability to respond to economic downturns or emergencies, as it would restrict the government's ability to borrow money. They also argue that the resolution could lead to cuts in important social programs and services. Overall, Bill 118 SJRes 13 is a proposal to amend the Constitution in order to require the federal government to balance its budget each fiscal year. Supporters believe that this would promote fiscal responsibility and prevent future financial crises, while opponents argue that it could have negative consequences. The resolution is currently being debated in Congress.
Congressional Summary of SJRES 13
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.
