Proposed amendment would mandate balanced federal budget each year
In committeeH.J.Res. 2Latest action
Sponsor: Andy Biggs · Representative · AZ
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Official title: Proposing a balanced budget amendment to the Constitution of the United States.
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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This proposed constitutional amendment would require a balanced federal budget and freeze the current debt limit.
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What does this do?
This bill proposes a constitutional amendment requiring the federal government to balance its budget yearly, meaning spending could not exceed revenue collected. It would also freeze the current legal debt limit held by the public and require a in both chambers of Congress to pass any future tax or revenue increase.
Who does it affect?
This affects nearly everyone in the country, since it would change how Congress funds programs like Social Security, Medicare, and defense. It requires approval from two-thirds of Congress and three-fourths of state legislatures to take effect.
Why does it matter?
Supporters say it would force fiscal discipline, while critics warn it could limit the government's ability to respond to wars, recessions, or natural disasters. As a constitutional amendment, it faces a much higher approval bar than a regular law.
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Where does it stand?
- IntroducedJan 3, 2025
- House committeeYou are here · Jan 3, 2025
- House vote
- Senate
- Sent to the states
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House. Both chambers have to pass the same text, each by two thirds. A proposed constitutional amendment never goes to the president: it goes to the states, and three quarters of them have to ratify it before it takes effect.
Latest action: — Referred to the House Committee on the Judiciary.