Proposing a balanced budget amendment to the Constitution of the United States.
If ratified, HJR21 would significantly alter the financial operations of the federal government. By mandating a balanced budget, it aims to prevent excessive government spending and borrowing, potentially reducing the national debt over time. However, it would also limit lawmakers' abilities to respond to economic downturns or emergencies without a three-fifths majority vote in Congress, which critics warn could lead to significant challenges during fiscal crises.
HJR21 proposes a balanced budget amendment to the Constitution of the United States, aiming to impose strict fiscal discipline at the federal level. The central provision of the resolution states that total outlays for a fiscal year cannot exceed total receipts, with specified exceptions for debt payments and emergencies. This amendment seeks to control government spending and ensure that the federal government operates within its means, similar to many state budgets that are required to be balanced.
The proponents of HJR21 argue that the amendment is essential for ensuring fiscal accountability and preventing future generations from bearing the burden of high national debt. Opponents raise concerns about its potential to hinder necessary government spending, particularly during times of economic distress, as it could restrict Congress from making timely financial decisions. The debate revolves around balancing financial prudence against the flexibility needed for effective governance.