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Proposed Constitutional Amendment: Balanced Budget and Debt Limit

This proposal aims to amend the Constitution, requiring the government to spend no more than it collects in taxes each year. It means the government could not increase public debt, and raising taxes would require a two-thirds majority vote in Congress. This could impact the availability of public services and future tax levels.
Key points
The government could not spend more money than it collects in a given year, ending budget deficits.
The public debt limit could not be increased, potentially limiting the government's ability to fund large projects.
Raising taxes would require a two-thirds vote in both houses of Congress, making tax increases more difficult.
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Status:
Expired
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Additional Information
Print number: 118_HJRES_36
Sponsor: Rep. Biggs, Andy [R-AZ-5]
Process start date: 2023-03-01