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119-sjres-219119th CongressWALLET

A joint resolution proposing an amendment to the Constitution of the United States requiring a balanced budget and establishing the requisite procedures.

Sponsored By: Senator Moody, Ashley [R-FL]

Introduced

Summary

This proposed constitutional amendment would create a formal national framework to enforce near-term and structural _fiscal balance_. It reshapes how the federal budget is made by forcing new rules on appropriations, creating a mandatory savings fund, and boosting presidential budgeting powers.

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  • Congress must switch to a biannual appropriations process, publish bill text 72 hours before House consideration, and itemize programs that exceeded $100 million in 2027 with future inflation adjustments.
  • The President would be required to submit a 2-year balanced budget and would gain a line-item veto on provisions that push outlays above projected receipts; Congress could override that veto only with a three-fourths vote in each chamber.
  • The amendment creates a Budget Stabilization Fund with annual deposits starting at not less than 1% of prior-year net revenue and sets a rule that a statutory commission must recommend reforms if national debt tops 60% of GDP.

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 0 benefits, 0 costs, 5 mixed.

Balanced federal budget rule

If ratified, this amendment would require Congress to pass a budget where federal outlays do not exceed receipts. Receipts would be measured using the average of the previous three years of revenue. The rule would take effect two years after ratification. Congress would have to change taxes, spending, or both to meet this limit.

New federal budget reserve fund

If ratified, Congress would have to create a Budget Stabilization Fund by the first fiscal year after the amendment takes effect. Each year the fund would get deposits of at least 1% of the prior fiscal year’s net revenue. The fund’s balance would have to reach at least 5% of prior-year net revenue by the start of the fifth fiscal year and 10% by the start of the tenth. Withdrawals would be allowed only under separate legislation for revenue shortfalls or emergencies defined by Congress and any withdrawal would have to be repaid within five years.

Two-year presidential budget and veto

If ratified, the amendment would make the President the chief planner and require a two-year budget submission that provides for a balanced budget. The President would have to include recommendations to raise revenue or cut spending if outlays would exceed receipts. Congress would move to a biannual appropriations process and would have to itemize specific appropriations above $100 million for fiscal year 2027, with that threshold adjusted for inflation starting in 2031 and every fourth fiscal year thereafter. The full text of appropriation bills would have to be given to Members and the public at least 72 hours before consideration. The President would be able to veto specific provisions of appropriation bills when projected outlays exceed projected revenues, and Congress could override that veto only with a three-fourths affirmative vote in each House.

Congress may pass enforcement laws

If ratified, the amendment would let Congress enforce the article by passing appropriate laws. This would give lawmakers tools to carry out the budget rules in the amendment. The provision does not itself say what those enforcement laws would require or how they would affect taxes or benefits. The enforcement power would take effect two years after ratification.

Decade review commission on federal debt

If ratified, Congress would create a Taxation, Spending, and Budget Reform Commission that meets every ten years until federal debt is no more than 60% of GDP. If debt exceeds 60% of GDP when the commission meets, it would have to give recommendations on revenue, spending, and budget process reforms within one year. Each House would have to consider the commission’s recommendations on its floor. The commission would not itself change taxes or benefits without later laws.

Sponsors & CoSponsors

Sponsor

Moody, Ashley [R-FL]

FL • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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