A joint resolution proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced.
If ratified, SJR14 would alter how federal budgeting is conducted, instituting a constitutional requirement for fiscal balance which could limit the federal government's ability to engage in deficit spending. This may lead to significant changes in various policy areas, particularly in government-funded programs and public services reliant on federal financing. Critics of the amendment argue that it may impede the government's ability to respond effectively to economic downturns and emergencies by restricting necessary funding through deficit spending.
SJR14 is a joint resolution proposing a significant amendment to the United States Constitution that mandates a balanced federal budget. This amendment requires total outlays for any fiscal year not to exceed total receipts for that fiscal year. Moreover, it stipulates that total outlays cannot exceed 18 percent of the gross domestic product of the United States for the preceding calendar year. The resolution intends to establish strict fiscal discipline at the federal level, which proponents believe will enhance financial stability and accountability within the government.
The proposed amendment has sparked considerable debate around the implications of enforcing a balanced budget. Supporters assert that it would lead to more responsible government spending and could reduce the national debt by enforcing fiscal constraints. However, opponents highlight the potential rigidity it may impose, which could hinder the government's ability to invest in crucial social programs or respond to economic crises. The requirement for a supermajority in Congress to approve any new taxes or increases in existing tax rates further complicates the governmental financial maneuverability, generating concerns among fiscal policy experts.