Proposing an amendment to the Constitution of the United States related to the public debt.

HJRES 112 proposes a constitutional amendment requiring the U.S. government to balance its budget in most circumstances, directly affecting Congress, the President, and state legislatures. It would set a debt limit at 105% of current debt, require state legislatures to approve any debt increase above that limit, and mandate the President to withhold funds if debt exceeds 98% of the limit. The amendment also requires a two-thirds vote in both House and Senate for new or increased income tax bills (excluding certain sales tax replacements). This is a procedural proposal, not an enacted law, and would only take effect if ratified by 38 states within seven years.