Senator Dan Coats (R-Ind.), a member of the Senate Finance Committee, has cosponsored a constitutional amendment to require a balanced budget each fiscal year.
"I long have advocated for a balanced budget amendment to the Constitution," said Coats. "Hoosier families must balance their budget every year, and we should expect the same from Washington. With our national debt over $18 trillion, this is a necessary step towards reining in reckless spending and getting America's fiscal house in order."
The proposed constitutional amendment, S.J. Res. 6, would:
* Direct the President to submit a balanced budget to Congress annually;
* Require Congress to pass a balanced budget;
* Prohibit federal spending from exceeding 18 percent of the gross domestic product without approval of two-thirds of the House and Senate;
* Require two-thirds majority votes in the House and Senate to raise taxes; and
* Require a new three-fifths majority vote in both chambers of Congress to raise the debt limit.
Coats supported similar legislation during the 112th and 113th Congresses.