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H.J.Res. 40: Proposing an amendment to the Constitution of the United States requiring that the Federal budget be balanced.

We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 30, 2019.

Constitutional Amendment

This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year or 18% of the U.S. gross domestic product unless Congress authorizes the excess by a two-thirds vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.

The amendment requires a two-thirds vote of each chamber of Congress to levy a new tax, increase the rate of any tax, or increase the debt limit.

The amendment provides any Member of Congress with standing and a cause of action to seek judicial enforcement of this amendment if authorized by a petition signed by one-third of the Members of either house of Congress. Courts are prohibited from ordering any increase in revenue to enforce this amendment.