Proposing a balanced budget amendment to the Constitution of the United States.
Impact
Should HJR36 be ratified, it would fundamentally alter federal budgeting processes. The amendment mandates that any bill aimed at increasing revenue must receive a supermajority approval—two-thirds of both houses of Congress—before it can become law. This could lead to significant changes in tax policy, making it more challenging to pass tax increases, which proponents argue will safeguard taxpayers from excessive government spending and fiscal mismanagement.
Summary
HJR36 proposes a balanced budget amendment to the Constitution of the United States, which aims to enforce strict fiscal discipline at the federal level. The resolution stipulates that total outlays for any fiscal year must not exceed total receipts, effectively prohibiting deficit spending by the federal government. This amendment is presented as a necessary measure to enhance fiscal responsibility and ensure a sustainable economic future, thus limiting the federal government's ability to increasing the national debt beyond existing levels.
Contention
The proposal has evoked a range of opinions among lawmakers and economic experts. Supporters argue that a balanced budget amendment is pivotal for curbing government overreach and fiscal irresponsibility by making it difficult for lawmakers to engage in excessive spending. However, critics contend that it could severely restrict the government’s ability to respond to economic crises, natural disasters, or public health emergencies, potentially leading to a lack of flexibility in federal spending and investment in public services.