Proposed Constitutional Amendment: Government Balanced Budget Requirement
This proposed constitutional amendment aims to ensure that government spending does not exceed its income in any given fiscal year. This means the government would need to manage its finances more carefully, potentially impacting the availability of funds for public programs but also contributing to national financial stability. These changes could limit national debt, which in the long run might affect taxes and public services.
Key points
Government spending cannot exceed income unless two-thirds of Congress votes otherwise.
The President must propose a budget where spending does not exceed income.
Rules can be suspended during war, national emergency, or natural disaster with Congressional approval.
Changes will take effect five years after ratification by the states.
Status:
Expired
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