Bill > SJRes97

This joint resolution proposes a balanced budget amendment to the United States Constitution, which would require the federal government to balance its expenditures and receipts over a period of time, not necessarily within a single year. The proposed amendment mandates that all government expenditures (except debt payments) and receipts (except borrowed funds) must be balanced, with Congress required to achieve this balance within 10 years of the amendment's ratification. In emergency situations, Congress would have the ability to authorize additional spending beyond the balanced budget requirement, but this would require a two-thirds majority vote in both the House of Representatives and the Senate. Any debts incurred through such emergency spending would need to be repaid as soon as possible. The amendment would become part of the Constitution if ratified by three-fourths of state legislatures within seven years of its submission. This proposed constitutional amendment aims to enforce fiscal discipline and prevent ongoing federal budget deficits by legally requiring the government to match its spending with its revenue.

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https://www.congress.gov/bill/119th-congress/senate-joint-resolution/97/all-info