Bill > HJRes110

This joint resolution proposes a balanced budget amendment to the United States Constitution that would require the federal government to balance its expenditures and receipts over a period of more than one year. Under the proposed amendment, expenditures would include all government spending except debt payments, and receipts would include all revenue except funds raised through borrowing. Congress would be required to achieve this financial balance within ten years after the amendment's ratification. The resolution also includes a provision allowing for emergency exceptions, where two-thirds of both the House of Representatives and the Senate could temporarily authorize spending beyond the established balanced budget rules, with the stipulation that any debt incurred during such emergencies must be repaid as quickly as possible. The amendment would become part of the Constitution if ratified by the legislatures of at least three-fourths of the states within seven years of its submission. This proposed constitutional amendment aims to impose fiscal discipline on the federal government by mandating that its annual spending cannot exceed its annual revenue, with limited flexibility for extraordinary circumstances.

Justice

https://www.congress.gov/bill/119th-congress/house-joint-resolution/110/all-info