H. J. RES. 229 proposes an amendment to the U.S. Constitution concerning the management of public debt. The amendment requires that government spending not exceed income unless the excess is covered by authorized debt, initially capped at 105% of current debt levels. The President must...
Simple Explanation
The bill suggests changing the rules so that the government can't spend more money than it earns, unless it borrows a little bit more than it already owes. This would need approval from several parts of the government and even the states if they want to borrow more.