Balanced Federal Budget Amendment: Limiting Government Spending and Debt.
This proposed constitutional amendment mandates that federal government spending cannot exceed its receipts. Congress would be required to achieve a balanced budget within ten years of the amendment's ratification, aiming to curb the accumulation of national debt. This change could necessitate cuts in public programs or increases in taxes to meet the balancing requirement.
Key points
The federal government must balance its expenditures and receipts within 10 years of ratification, significantly restricting new borrowing.
Emergency spending exceeding the limit is allowed only with a two-thirds vote in both the House and the Senate.
The amendment requires ratification by three-fourths of state legislatures within seven years to take effect.
Status:
Expired
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