Continuing her efforts to force Washington to live within its means, U.S. Senator Kelly Ayotte (R-NH) today joined several colleagues in introducing a federal Balanced Budget Amendment. Ayotte, a member of the Senate Budget Committee, has long supported a Balanced Budget Amendment to set permanent limits on federal spending.
"Forty-nine states have some requirement to balance their budget, and the federal government should be no different," said Senator Ayotte. "In the 1,386 days since the Senate last passed a budget, the nation's debt has increased by $5.3 trillion. We need a Balanced Budget Amendment to end Washington's spending addiction and save future generations from being crushed by massive debt."
Last month, Senator Ayotte also helped introduce the "No Budget, No Pay Act," bipartisan legislation that would dock pay for Members of Congress for failure to pass a budget resolution and regular appropriations bills on time.
The Balanced Budget Amendment legislation Senator Ayotte helped introduce today includes the following provisions:
Congressional requirement to pass a balanced budget;
Presidential requirement to submit a balanced budget;
Federal spending cap that requires Congress to limit outlays to 18 percent of GDP, in line with the historical average of revenues over the last 40 years;
Supermajority requirement for tax increases; and
Supermajority requirement for debt limit increases.