Mar 31 2011
Summary of the Legislation:
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
Prohibits total outlays for any fiscal year from exceeding 18% of the gross domestic product for the preceding calendar year unless Congress, by a two-thirds rollcall vote of each chamber, authorizes a specific excess over such 18%.
Directs the President to submit a balanced budget to Congress annually.
Prohibits any bill to increase federal taxes from becoming law unless approved by two-thirds of each chamber by roll call vote.
Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
The full text of the bill available here.
News Articles about this Legislation:
The bill was voted on December 14, 2011. The bill failed on a straight party line vote 47-53. Record Vote Number 229. To understand the process of how a bill becomes a law click here.
All 47 Senate Republicans are co-sponsors of this bill.
Please click on the name of the group to see their letter.