The proposed joint resolution seeks to amend the Rhode Island Constitution to establish a limit on state spending growth. It specifies that total appropriations authorized by the General Assembly in the annual state budget cannot increase in any fiscal year by more than the greater of either the percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the most recent calendar year or the percentage increase in Rhode Island personal income for the most recent calendar year.

The resolution provides for exceptions to this limit, which may include expenditures for debt service, federally mandated spending, emergency expenditures approved by a two-thirds (2/3) vote of the General Assembly, and any other exceptions as prescribed by law.

If approved by a majority of the General Assembly, the proposed amendment will be submitted to the state's qualified electors for their approval or rejection during the next statewide general election. The Secretary of State is responsible for ensuring that the proposed amendment is published in state newspapers and included in the notices for town, city, ward, or district meetings, in accordance with existing laws governing elections for general officers in the state.