U.S. Senator Roy Blunt (Mo.) joined all of his Republican Senate colleagues in an effort led by U.S. Senator John Cornyn (Texas) to introduce a resolution proposing a Balanced Budget Amendment to the Constitution. Blunt has co-sponsored the Balanced Budget Amendment six times while representing Missourians in Congress.
"It's been nearly 1,400 days since the Democrat-controlled Senate passed a budget. Meanwhile, the federal debt has skyrocketed to $16.5 trillion. It's time to get serious about balancing the federal budget," said Blunt.
The Balanced Budget Amendment would do the following:
* Requirement to Balance the Budget. With limited exceptions, the federal budget must be balanced.
* 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.
* 18 Percent Spending Cap. With limited exceptions, Congress must limit 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 legislation has the support of 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.