Proposed Constitutional Amendment: Balanced Budget and Spending Limits
This proposed constitutional amendment aims to introduce rules that would compel the government to spend no more than it collects in revenue and limit overall spending to a specific percentage of the economy. This means that in the future, the government would need to be more careful about how much money it spends and where it comes from, potentially affecting the availability of public services and tax levels. These changes are intended to ensure greater financial stability for the country.
Key points
Government spending cannot exceed its revenue unless two-thirds of Congress approves an exception.
Total government outlays cannot exceed 18% of the nation's economy unless two-thirds of Congress approves an exception.
New taxes or tax rate increases will require a two-thirds vote in Congress.
Increasing the national debt limit will require a three-fifths vote in Congress.
These rules can be suspended during war or serious national security threats, but only with a majority or three-fifths vote in Congress.
Courts cannot order tax increases to enforce these provisions.
The changes will take effect five years after ratification by the states.
Expired
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