U.S. Senator Tim Scott (R-SC) joined his colleagues in introducing a Balanced Budget Amendment (BBA) to the United States Constitution.
"The President's speech Tuesday showed us one thing: he is committed to spending money we don't have, our children don't have, and our grandchildren don't have," Scott said. "We can't keep asking American families to foot the bill for reckless spending in Washington, and a Balanced Budget Amendment will ensure a more efficient and effective federal government. States have to balance their budgets and families have to keep their checkbooks in order -- it only makes sense the federal government should as well."
The amendment, introduced by Senator John Cornyn (R-TX), includes the following:
· Requirement to Balance the Budget. With limited exceptions, the federal budget must be balanced.
· 18 Percent Spending Cap. With limited exceptions, Congress must limit outlays to 18 percent of GDP.
· Presidential Requirement to Submit a Balanced Budget. Prior to each fiscal year, the President must submit to Congress a balanced budget that limits outlays to 18 percent of GDP.
· Supermajority for Tax Increases. Establishes a new supermajority requirement for net tax and rate increases.
· Supermajority to Raise the Debt Limit. Establishes new supermajority requirement for an increase in the debt limit.
The BBA is supported by national organizations such as Americans for Prosperity, Americans for Tax Reform, Council for Citizens Against Government Waste, National Taxpayers Union, National Federation of Independent Business, and the 60 Plus Association.