Constitutional Amendment Mandating Balanced Budget and Federal Spending Limits.
This proposed constitutional change introduces strict fiscal rules, requiring the government to maintain a balanced budget and cap spending at 18% of GDP. Citizens would benefit from potential long-term financial stability, but it would become significantly harder to fund new public programs or raise taxes, as these actions would require a 2/3 majority vote in Congress.
Key points
The government must balance the budget annually; spending cannot exceed revenue unless 2/3 of Congress approves the deficit.
Federal spending is capped at 18% of the nation's Gross Domestic Product (GDP).
Raising taxes or increasing the national debt limit requires approval by a supermajority (2/3 or 3/5) of Congress.
These rules can only be waived during a formally declared war or a serious military threat.
Status:
Expired
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