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A joint resolution proposing a balanced budget amendment to the Constitution of the United States.
12/29/2022, 10:48 PM
Summary of Bill SJRES 42
The resolution aims to address the issue of the growing national debt by mandating that Congress pass a budget each year that does not result in a deficit. This would require the government to either increase revenue through taxes or decrease spending in order to balance the budget.
Supporters of the resolution argue that a balanced budget amendment is necessary to ensure fiscal responsibility and prevent the government from accumulating unsustainable levels of debt. They believe that this amendment would force Congress to make tough decisions about spending and prioritize the long-term financial health of the country. Opponents, however, argue that a balanced budget amendment could limit the government's ability to respond to economic downturns or emergencies by restricting its ability to borrow money. They also argue that such an amendment could lead to cuts in important social programs and services. Overall, Bill 117 SJRes 42 is a proposal to amend the Constitution in order to require the federal government to operate with a balanced budget. Supporters believe this would promote fiscal responsibility, while opponents have concerns about the potential impact on government spending and services.
Congressional Summary of SJRES 42
This joint resolution proposes a constitutional amendment prohibiting total federal expenditures for a year from exceeding the average annual federal revenue collected in the three prior years, adjusted for changes in population and inflation. Expenditures for payment of debt and revenues derived from borrowing are excluded.
Congress may authorize specific expenditures in excess of the limit for up to one year by declaring an emergency with a roll call vote of two-thirds of each chamber.
The requirements take effect in the first year beginning at least 90 days following ratification, except that expenditures are permitted to exceed the limit by specified amounts during each of the first nine years that the requirements are in effect.
