NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES TWO-THIRDS APPROVAL IN EACH CHAMBER OF CONGRESS, AND RATIFICATION BY THREE-FOURTHS OF THE STATE LEGISLATURES WITHIN SEVEN YEARS OF THE DATE THE AMENDMENT WAS SUBMITTED.
Title: Proposing a Balanced Budget Amendment to the U.S. Constitution (Udall Bill)
Vote Smart's Synopsis:
Vote to pass a joint resolution that submits a constitutional amendment to the state legislatures that prohibits the federal government from spending money in excess of its revenue, beginning 5 fiscal years after the amendment is ratified.
Prohibits the federal government from spending more money than it receives for any fiscal year, unless authorized to do so for a specific expenditure by a three-fifths majority vote in both houses of Congress.
Defines federal revenue as excluding funds derived from borrowing and revenue of the Social Security trust funds.
Defines federal spending as excluding debt payments and spending of the Social Security trust funds.
Prohibits Congress from passing any bill that provides a net reduction in individual income taxes for those with incomes over $1 million if, after enactment, spending would exceed total revenue in any fiscal year.
Prohibits any court from ordering a reduction in Social Security benefits in order to enforce the provisions of this amendment.
Exempts the federal government from the provisions of this amendment during any fiscal year in which a declaration of war is in effect, or in which the United States is engaged in a military conflict that causes an “imminent and serious” military threat to national security, as declared by a majority vote of both houses of Congress.
NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS