Proposed Constitutional Amendment: Federal Balanced Budget Requirement
This proposal aims to add a rule to the Constitution stating that federal government spending cannot exceed the average revenue collected over the three prior years. This means the government would need to manage its finances more strictly, potentially affecting funding for public programs but also promoting financial stability. In emergencies, Congress could temporarily allow higher spending.
Key points
Federal government spending would be capped at the average revenue from the three previous years, adjusted for population and inflation.
In emergencies (e.g., war, natural disaster), Congress can temporarily allow spending above the limit for up to one year, following a special vote.
The implementation of this rule would be gradual, with a nine-year transition period to allow for adjustment to the new regulations.
Status:
Expired
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