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Proposed Constitutional Amendment: Balanced Federal Budget Requirement

This proposal aims to add a rule to the Constitution stating that federal government spending cannot exceed its income in a given fiscal year. This means the government would have to spend only what it collects from taxes and other sources, potentially impacting the availability of public services and future tax levels. Exceptions would only be allowed with a two-thirds vote in Congress.
Key points
The federal government would be required to spend only what it collects, potentially reducing national debt.
The President would have to submit a budget where spending does not exceed revenue.
Implementing this rule could affect which government programs are funded and to what extent.
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Status:
Expired
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Additional Information
Print number: 118_HJRES_15
Sponsor: Rep. Obernolte, Jay [R-CA-23]
Process start date: 2023-01-11