Balanced Budget Amendment Proposal: Limiting Spending and Protecting Benefits
This proposed constitutional amendment mandates that federal spending cannot exceed revenue in any fiscal year, aiming to curb national debt growth. It introduces fiscal discipline but explicitly protects Social Security and Medicare funds from being cut to meet the balance requirement. Deficits are only permitted during declared wars, severe economic downturns, or with a three-fifths vote in both houses of Congress.
Key points
The government must balance its budget: spending cannot exceed receipts unless 3/5 of Congress votes to allow a specific deficit.
Social Security and Medicare funds are excluded from the budget balancing calculation, shielding them from automatic cuts.
The balanced budget rule is suspended during war, severe recession (GDP decline), or when unemployment exceeds 7%.
Expired
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