U.S. Senator Marco Rubio today joined with all of the Senate Republicans led by Senator John Cornyn (TX) to introduce a resolution proposing a Balanced Budget Amendment to the Constitution. The bill also 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.
"The root of our debt crisis is that our government spends $1 trillion more than it takes in every year," said Rubio. "Practically every state, including Florida, has to balance its budget by law, just as working families have to out of necessity. It makes for tough choices, but it forces elected officials to follow through on their most basic responsibilities regarding how taxpayer dollars are spent."
"Washington has proven its inability to curb out of control spending," Rubio continued. "We need a strong Balanced Budget Amendment, and I will keep working until the requirement that Congress pass a balanced budget is enshrined in our Constitution."
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.