Mandatory Balanced Federal Budget: No More Spending Beyond Revenue
This act introduces a rule requiring the President to submit a budget to Congress where expenditures do not exceed revenues. This means the government will need to manage its finances more responsibly, potentially impacting the nation's economic stability and, in the future, the level of taxes or availability of public services.
Key points
The U.S. President will be required to submit a budget to Congress where total outlays cannot exceed total receipts during the applicable fiscal year.
The aim is to ensure the government does not spend more money than it collects, which could lead to greater financial discipline and less national debt.
Expired
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