Proposed Constitutional Amendment: Balanced Federal Budget and New Tax Rules
This proposed amendment to the U.S. Constitution aims to require that federal government spending does not exceed its income in a given year. It also limits spending to 18% of the gross domestic product. Citizens may experience an impact on national financial stability and potential changes in how public services are funded, as new taxes or rate increases will require greater support in Congress.
Key points
Federal government spending will not be allowed to exceed its income in a given year.
Federal government spending will be limited to 18% of the nation's economic output.
Introducing new taxes or increasing rates will require a two-thirds vote in both houses of Congress.
Increasing the national debt limit will require a two-thirds vote in both houses of Congress.
Members of Congress will be able to seek judicial enforcement of these rules if supported by one-third of their chamber's members.
Status:
Expired
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