Mandatory Balanced Federal Budget and Limits on Public Spending
This proposed constitutional amendment requires the federal budget to be balanced, meaning annual outlays cannot exceed receipts. Furthermore, federal spending would be capped at 18% of the Gross Domestic Product, potentially leading to significant cuts in public programs or necessitating tax increases. Introducing new taxes or raising the public debt limit would require a two-thirds vote in Congress, making major government financing much more difficult.
Key points
The federal budget must be balanced: total outlays cannot exceed total receipts for any fiscal year.
Federal outlays are limited to a maximum of 18% of the GDP, potentially forcing reductions in public programs.
Raising taxes or increasing the public debt limit would require approval by two-thirds of the whole number of each House of Congress.
Budget limitations can only be suspended with a two-thirds rollcall vote in both Houses of Congress.
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