Proposed Constitutional Amendment: Public Debt and Tax Control
This proposed amendment to the U.S. Constitution aims to introduce strict rules for public debt and government spending. Citizens might experience effects through potential limitations on public expenditures and new rules for raising taxes, which could impact service availability and financial burdens.
Key points
Government outlays cannot exceed receipts unless financed by debt strictly conforming to new rules.
A public debt limit will be set and can only be increased with the approval of a majority of state legislatures.
The President will be required to impound specific expenditures if debt approaches the limit, with failure to act being an impeachable offense.
New or increased general revenue taxes will require a two-thirds vote in both Houses of Congress, making them harder to implement.
Status:
Expired
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