Proposed Constitutional Amendment: Balanced Federal Budget and Spending Limits
This proposed constitutional amendment aims to enforce strict fiscal discipline on the federal government, requiring it to spend no more than it collects in revenue and setting a cap on overall spending. This means future governments would need to manage finances more cautiously, potentially impacting public services and tax levels. Increasing public debt or taxes would become significantly harder, requiring supermajority approval in Congress.
Key points
Government spending cannot exceed total revenue in any fiscal year.
Total government outlays are capped at 18.5% of the United States' economic output.
Increasing the national debt would require a three-fourths vote from both houses of Congress.
Raising taxes would also require a three-fourths vote from both houses of Congress.
The President must submit a balanced budget; failure to do so could lead to impeachment, except in declared emergencies (war, serious national security threat).
If spending limits are exceeded, budgetary authority equal to the excess will be automatically cancelled.
Status:
Expired
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