Congressman Mike Garcia, R-Santa Clarita, has co-sponsored a joint resolution proposing a constitutional amendment aimed at relieving the national debt and balancing the federal budget.
Since day 1, one of my top priorities in Congress is to reform Washington’s broken budget process & tackle 1 of the threats to our nation’s security: the nat’l debt. That’s why the 1st bill I cosponsored this year is 1 that would help balance our budget. https://t.co/o5UjQUDtfO
— Rep. Mike Garcia (@RepMikeGarcia) January 14, 2021
On Thursday, Garcia announced that he had joined nearly two dozen other lawmakers in co-sponsoring House Joint Resolution 3 (H.J.Res.3), which proposes a constitutional amendment aimed at balancing the national budget.
“Since day one, one of my top priorities in Congress is to reform Washington’s broken budget process and tackle one of the largest threats to our nation’s security: the national debt,” Garcia said in a statement Thursday. “That’s why the first bill I cosponsored this year is one that would add a balanced budget amendment to the Constitution, which would help us relieve the national debt.”
Introduced by Representative Steve Chabot of Ohio on Jan. 4, the resolution prohibits the total outlays for a fiscal year from exceeding the total receipts for that same fiscal year, unless authorized by a three-fifths rollcall vote from both houses of Congress.
This excludes both outlays used as repayments towards the debt principal, and receipts that are derived from borrowing.
See Related: Congressman Mike Garcia Appointed To House Appropriations Committee
The resolution also requires the President of the United States to submit a balanced year each year.
However, Congress is authorized to waive these requirements during periods of war.
“The provisions of this article may be waived for any fiscal year in which the United States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority of the whole number of each House, which becomes law,” the text of the resolution reads. “Any such waiver must identify and be limited to the specific excess or increase for that fiscal year made necessary by the identified military conflict.”
The resolution has since been referred to the House Committee on the Judiciary.
“I will continue to fight to ensure that we can pay off the $27 trillion in crippling debt we face today, something that remains a threat to our national security,” Garcia said.
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