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Proposed Constitutional Amendment: Balancing the Budget and Spending Control

This proposed amendment to the U.S. Constitution aims to introduce strict rules for government spending and revenue to ensure a balanced budget. This means the government generally couldn't spend more than it collects, which could impact the availability of public services and future tax levels. These changes are intended to bring greater financial stability to the country.
Key points
Government spending generally cannot exceed its income, unless two-thirds of Congress approves an exception.
Total government spending cannot exceed 18% of the nation's economy, unless two-thirds of Congress approves an exception.
New taxes or tax increases would require approval from two-thirds of Congress.
Increasing the national debt limit would require approval from three-fifths of Congress.
These rules could be suspended during a declared war or a serious military conflict threatening national security.
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Status: Introduced
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Additional Information
Print number: 119_HJRES_3
Sponsor: Rep. Buchanan, Vern [R-FL-16]
Process start date: 2025-01-03