Balanced Budget Accountability Act: Congressional Pay Tied to Fiscal Responsibility
This law aims to force Congress to adopt a balanced budget to curb the national debt, which is cited as a threat to economic stability and future opportunities. If Congress fails to pass a certified balanced budget, members' salaries will be withheld or reduced to $1 annually. Furthermore, raising taxes will require a three-fifths supermajority vote, making it significantly harder to increase financial burdens on citizens.
Key points
Congressional salaries will be withheld (2024-2025) or reduced to $1 annually (starting 2026) if a balanced budget is not adopted by the deadline.
A balanced budget requires that spending does not exceed revenue and is capped at 18% of GDP (requirement starts in fiscal year 2033).
Any measure increasing taxes or revenue will require a three-fifths supermajority vote in both the House and the Senate.
Status:
Expired
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