Proposed Constitutional Amendment: Balanced Budget and Spending Control
This proposed constitutional amendment aims to introduce new rules for government spending and revenue. It means the government would generally have to spend only what it collects and limit spending to a certain percentage of the economy. This would impact how the government manages money, potentially leading to less debt and more stable public finances, but also to tougher spending decisions.
Key points
Government spending cannot exceed its income unless two-thirds of Congress approves an exception.
Government spending cannot exceed 18% of the nation's economy 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 suspended during a declared war or a serious national security threat.
Expired
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