Proposing a balanced budget amendment to the Constitution of the United States.
Summary
This document is a joint resolution introduced in the Senate proposing a balanced budget amendment to the United States Constitution. The resolution mandates that expenditures and receipts be balanced, potentially over multiple years, excluding debt payments and borrowing proceeds. It allows Congress to exceed expenditure limits in emergency situations with a two-thirds majority vote in both houses.
Expected Effects
If ratified, this amendment would constitutionally require the federal government to balance its budget within 10 years, potentially impacting government spending and taxation policies. Emergency spending would still be possible with supermajority approval. This could lead to significant changes in how the government operates financially.
Potential Benefits
- Potentially reduces national debt and promotes fiscal discipline.
- Could lead to more responsible government spending.
- May increase investor confidence in the US economy.
- Could lead to greater transparency and accountability in government finances.
- May force prioritization of essential government services.
Most Benefited Areas:
Potential Disadvantages
- Could limit the government's ability to respond to economic downturns or national emergencies.
- May lead to cuts in essential programs and services.
- Could hinder investments in infrastructure, education, and research.
- Enforcement mechanisms are not specified, potentially leading to loopholes.
- The definition of 'emergency situations' is vague, potentially leading to abuse.
Constitutional Alignment
The proposal aligns with the amendment process outlined in Article V of the US Constitution, which details how amendments can be proposed by Congress and ratified by the states. The proposed amendment itself does not directly conflict with any existing constitutional rights or principles, but its implementation could indirectly affect the scope and funding of various government programs and services established by law.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).