Proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced.
Impact
Should HJR67 become law, it could significantly alter how the federal budget is constructed and enforced. The proposed amendment places strict limitations on federal spending and the capacity to increase the national debt, aiming to curtail fiscal irresponsibility. This could lead to a more disciplined approach to federal finance and alter the dynamics of budget negotiations, necessitating a greater consensus among legislators to authorize spending beyond the set limits.
Summary
HJR67 proposes an amendment to the United States Constitution that mandates a balanced federal budget. According to the bill, total outlays for any fiscal year should not exceed total receipts for that same year. It also puts a cap that total outlays cannot exceed 18% of the gross domestic product for the preceding calendar year. The amendment specifies that Congress can only bypass these limitations with a two-thirds majority vote in both houses, allowing for specific excess spending under emergency circumstances.
Contention
Amendments such as HJR67 often evoke considerable debate due to the stringent measures it proposes. Supporters argue that a balanced budget is essential for long-term fiscal health and to prevent runaway government spending, while opponents contend that it may hinder the government's ability to respond flexibly to economic crises, emergencies, or natural disasters. Critics are concerned about the implications for social programs and services, which could see cuts or caps in funding to adhere to these new constitutional requirements.
A CONCURRENT RESOLUTION calling on the United States Congress to submit to the states for ratification a balanced budget amendment to the United States Constitution and making a formal application to Congress under Article V of the United States Constitution to call a convention for the sole purpose of proposing for ratification an amendment to the United States Constitution which requires a balanced federal budget.