Federal

A joint resolution proposing a balanced budget amendment to the Constitution of the United States.

Source: Congress.gov · 334 words in original text

What This Bill Does

This joint resolution proposes adding a new amendment to the U.S. Constitution. The amendment would require the federal government to balance its expenditures and receipts (money spent versus money received). The amendment becomes part of the Constitution only if three-fourths of state legislatures approve it within seven years.

Who It Affects

Congress and the federal government.

Key Provisions

• Expenditures and receipts must be balanced, though this balance can happen over more than one year (Sec. 1) • Expenditures include all federal spending except payments on debt; receipts include all federal income except money from borrowing (Sec. 1) • Congress must achieve balance within ten years after the amendment is ratified (Sec. 1) • Two-thirds of both the House of Representatives and the Senate may authorize spending above the balanced level during emergency situations (Sec. 2) • Debts from emergency spending must be paid as soon as practicable (Sec. 2)

What Changes

If ratified, the U.S. Constitution would require the federal government to balance its budget according to the rules in this amendment. Congress would have ten years to reach this balanced state.

Important Definitions

Ratified: approved by three-fourths of state legislatures.

IIA 118TH CONGRESS 1ST SESSION S. J. RES. 19 Proposing a balanced budget amendment to the Constitution of the United States. IN THE SENATE OF THE UNITED STATES MARCH 15, 2023 Mr. BRAUN (for himself and Ms. LUMMIS) introduced the following joint reso- lution; which was read twice and referred to the Committee on the Judici- ary JOINT RESOLUTION Proposing a balanced budget amendment to the Constitution of the United States. Resolved by the Senate and House of Representatives 1 of the United States of America in Congress assembled 2 (two-thirds of each House concurring therein), That the fol- 3 lowing article is proposed as an amendment to the Con- 4 stitution of the United States, which shall be valid to all 5 intents and purposes as part of the Constitution when 6 ratified by the legislatures of three-fourths of the several 7 States within seven years after the date of its submission 8 for ratification: 9 VerDate Sep 11 2014 00:09 Mar 16, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\SJ19.IS SJ19 kjohnson on DSK79L0C42PROD with BILLS 2 •SJ 19 IS ‘‘ARTICLE — 1 ‘‘SECTION 1. Expenditures and receipts shall be bal- 2 anced, which may occur over more than one year. Expend- 3 itures shall include all expenditures of the United States 4 except those for payment of debt, and receipts shall in- 5 clude all receipts of the United States except those derived 6 from borrowing. Congress shall achieve balance within ten 7 years following the ratification of this article. 8 ‘‘SECTION 2. For emergency situations, two-thirds of 9 the House of Representatives and the Senate may for lim- 10 ited times authorize expenditures exceeding those pursu- 11 ant to rules established under section 1. Debts incurred 12 from such expenditures shall be paid as soon as prac- 13 ticable.’’. 14 Æ VerDate Sep 11 2014 00:09 Mar 16, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\SJ19.IS SJ19 kjohnson on DSK79L0C42PROD with BILLS

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