Constitutional Amendment: Mandating a Balanced Federal Budget and 18% GDP Spending Cap.
This proposed constitutional amendment requires the federal government to balance its budget annually, ensuring spending does not exceed revenue. It also imposes a strict cap, limiting total federal outlays to 18% of the nation's GDP. This change aims to curb national debt but makes it significantly harder to raise taxes or increase the debt limit, requiring a two-thirds majority in Congress for such actions.
Key points
The federal government must operate with a balanced budget; annual spending cannot exceed total receipts.
Total federal spending is capped at 18% of the Gross Domestic Product (GDP) from the preceding year.
Raising taxes or increasing the national debt limit requires approval by two-thirds of both the House and the Senate.
Budget limits can only be suspended for a fiscal year with a two-thirds vote in both chambers of Congress.
Status:
Expired
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