Mandating Balanced Budgets and Limiting Unauthorized Federal Spending.
This bill establishes strict new procedural rules in the Senate aimed at forcing the federal budget to be balanced within nine years. It makes it significantly harder for Congress to pass legislation that increases the deficit or appropriates funds for programs exceeding their authorized limits. The stated goal is to combat inflation by curbing excessive government spending, potentially leading to more stable prices for consumers.
Key points
Balanced Budget Mandate: Budget resolutions must achieve zero deficit no later than the ninth fiscal year after the budget year.
Spending Limits: Prohibits spending money on programs if the amount exceeds statutory authorization or if the program lacks any prior legal authorization.
Procedural Hurdles: Requires supermajority votes (two-thirds or three-fifths) to waive these new budget rules, making it much harder to bypass fiscal discipline.
Expired
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