Proposing a balanced budget amendment to the Constitution of the United States.
Impact
If enacted, HJR90 would fundamentally alter how the federal government approaches budgeting by mandating that expenditures must be strictly monitored and controlled. The shift would require Congress to adhere to a stringent fiscal framework and could limit the government's ability to engage in deficit spending, even during economic downturns or emergencies. The established parameters for emergency funding, requiring a three-quarters majority vote in both houses of Congress, indicates a significant challenge to the swift fiscal response often needed in times of crisis.
Summary
HJR90, a joint resolution proposing a balanced budget amendment to the U.S. Constitution, seeks to impose strict limitations on federal expenditures. According to the proposed amendment, total annual expenditures must not exceed the average revenue collected over the preceding three years, adjusted for population growth and inflation. This change aims to enhance fiscal responsibility at the federal level and ensure that government spending aligns with available revenues, thereby addressing concerns over the increasing national debt and fiscal deficits.
Contention
There are notable points of contention surrounding HJR90, particularly concerning its implications for federal funding during economic emergencies. Critics argue that the amendment could hinder the government's ability to provide necessary resources during critical times, such as natural disasters or economic recessions. Proponents, however, believe that a balanced budget amendment is essential for promoting fiscal discipline and preventing irresponsible spending habits that contribute to mounting debt.