Proposed Constitutional Amendment: Balanced Federal Budget
This proposal aims to add a rule to the Constitution requiring the federal government to balance its spending with its income. This means the government would need to manage money more responsibly, potentially leading to greater financial stability and a reduction in national debt, impacting future generations.
Key points
The federal government must balance its spending with its income, which can occur over more than one year.
Debt payments are excluded from spending, and borrowed funds are excluded from income.
In emergencies, two-thirds of the House and Senate can temporarily allow spending beyond the limit, with resulting debts to be paid as soon as practicable.
Status:
Expired
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