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Categorized | News, Senate News Briefing

All 47 Senate Republicans Introduce Balanced Budget Amendment

This afternoon, Senate Republican Leader Mitch McConnell, after working closely with Sens. Orrin Hatch, Mike Lee, John Cornyn, Jon Kyl, Pat Toomey, John Thune, Jeff Sessions, and others, introduced a proposed amendment to the Constitution which would require the government to have a balanced budget.

 

The proposed amendment is co-sponsored by all 47 Republican senators. Human Events has a good story on how this amendment came together.

 

Here are the key highlights of the proposal:

 

Presidential Requirement to Submit a Balanced Budget

Prior to each fiscal year, the President must transmit to Congress a balanced budget that limits outlays to 18 percent of GDP.

 

Requirement to Pass a Balanced Budget

With the following limited exceptions, Congress must pass a balanced budget:

  • Requires 2/3 of both Houses for a specific deficit for a fiscal year.
  • Requires a majority of Congress for a specific deficit for a fiscal year during a declared war.
  • Requires 3/5 of Congress for a specific deficit for a fiscal year during a military conflict declared to be “an imminent and serious military threat to national security” and the deficit must be limited to “outlays…made necessary by the identified conflict.”

 

18 Percent Spending Cap

With the following limited exceptions, Congress must limit outlays to 18 percent of GDP:

  • Requires 2/3 of both Houses for a specific excess above 18 percent for a fiscal year.
  • Requires a majority of Congress for a specific excess above 18 percent for a fiscal year during a declared war.
  • Requires 3/5 of Congress for a specific excess above 18 percent for a fiscal year during a military conflict declared to be “an imminent and serious military threat to national security” and the excess be limited to “outlays…made necessary by the identified conflict.”

 

Supermajority for Tax Increases

Establishes new supermajority requirement for net tax and rate increases:

  • Requires 2/3 of both Houses for any bill “that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue.”

o   Excludes increases in revenue resulting from tax cuts.

 

Supermajority to Raise the Debt Limit

Establishes new supermajority requirement for an increase in the debt limit:

  • Requires 3/5 of both Houses to increase the debt limit.
  • Requires a majority of Congress for a fiscal year during a declared war.

 

Congressional Enforcement and Use of Estimates

  • Provides for congressional enforcement and the use of estimates.

 

Limits on Courts

  • Prohibits courts from ordering revenue increases to enforce.

 

Effective Date

·         Becomes effective the fifth fiscal year after ratification.

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog.

Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

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Tom White Says:

Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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