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Proposed Constitutional Amendment: Balanced Federal Budget and New Tax Rules

This proposed amendment to the U.S. Constitution aims to require the federal government to spend no more than it collects and to limit spending to 18% of GDP. Citizens might experience more stable government finances, but also face a higher bar for new taxes or increases in public debt, which would require greater congressional support.
Key points
The federal government would be required to spend no more than it collects in a given year.
Federal outlays could not exceed 18% of the U.S. economy's value (GDP).
Introducing new taxes or raising rates would require a two-thirds vote in both houses of Congress.
Increasing the public debt limit would also require a two-thirds vote in both houses of Congress.
These rules could only be suspended in exceptional circumstances with a two-thirds vote in both houses of Congress.
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Additional Information
Proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced.
Print number: HJRES 67
Sponsor: Rep. Pfluger, August [R-TX-11]
Process start date: 2023-06-09