Proposing a balanced budget amendment to the Constitution of the United States.
Sponsored By: Representative Obernolte
Introduced
Summary
Annual balanced-budget requirement: This proposed constitutional amendment would make federal outlays for any fiscal year no greater than total receipts, unless two-thirds of each House approves a specific excess. It also would require the President to submit a budget that meets that standard and give Congress authority to implement and enforce the rule.
Show full summary
- Congress: Congress would need a two-thirds rollcall vote in each chamber to authorize any year with outlays above receipts. It could pass laws to enforce and interpret the amendment and rely on official estimates of receipts and outlays.
- President: The President would have to transmit a budget before each fiscal year in which total outlays do not exceed total receipts. That aligns the executive budget submission to the amendment's cap.
- Accounting and timing: "Total receipts" would exclude amounts derived from borrowing and "total outlays" would exclude repayments of debt principal. The amendment would take effect beginning the fifth fiscal year after ratification and requires ratification by three-fourths of state legislatures within seven years.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Balanced budget rule for federal spending
If enacted, the Constitution would require the federal government not to spend more each year than it collects. Any extra spending would need a two-thirds roll-call vote of all members in both the House and Senate for a specific amount. The President would have to send Congress a proposed budget before each year that balances. Congress could pass enforcement laws and rely on estimates of spending and receipts. Receipts would not include borrowed money, and spending would not include paying back debt principal. This would start in the fifth fiscal year after ratification, which would require approval by three-fourths of state legislatures within seven years.
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Sponsors & CoSponsors
Sponsor
Obernolte
CA • R
Cosponsors
Rep. Weber, Randy K. Sr. [R-TX-14]
TX • R
Sponsored 1/13/2025
Franklin, Scott
FL • R
Sponsored 1/16/2025
Roll Call Votes
No roll call votes available for this bill.
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