Today, U.S. Sen. Saxby Chambliss, R-Ga., joined 44 of his Senate colleagues in introducing a Balanced Budget Amendment to the Constitution to bring much-needed fiscal discipline back to Washington.
"We are in the middle of a fiscal crisis. The current and projected imbalance between government spending and revenues is unsustainable. Washington has an obligation to say "enough is enough," said Chambliss. "We must stop spending money we don't have and stop playing politics with America's future. This legislation will force Congress and the administration to put our nation on a path toward fiscal sustainability."
Chambliss supported similar measures in the last Congress to rein in spending and reduce America's debt.
U.S. Sen. John Cornyn, R-Tex., sponsored the bill, and all 44 Senate Republicans are co-sponsors. It is supported by 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.
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.