Proposed Constitutional Amendment: Balanced Budget and Spending Limits
This proposed constitutional amendment aims to introduce rules that would force the government to spend no more than it collects in revenue, and also limit overall spending to 18% of the nation's economic output. 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, which could impact the availability of public services and tax levels. These changes are intended to ensure the stability of national finances but could also mean tougher decisions regarding the funding of various programs.
Key points
Government spending cannot exceed revenue unless two-thirds of Congress approves an exception.
Government outlays cannot exceed 18% of the nation's GDP unless two-thirds of Congress approves an exception.
New taxes or tax increases would require a two-thirds vote in Congress.
Increasing the national debt limit would require a three-fifths vote in Congress.
These rules can be waived during a declared war or a serious national security threat.
Expired
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