Today, 21 Senators “led by Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, and John Cornyn (R-Texas) introduced a Balanced Budget Amendment to the United States Constitution,” according to a joint press release.
Hatch and Cornyn’s Balanced Budget Amendment has been cosponsored by Senators Saxby Chambliss (R-Georgia), John Ensign (R-Nevada), Mike Enzi (R-Wyoming), John McCain (R-Arizona), Mike Crapo (R-Idaho), Chuck Grassley (R-Iowa), Olympia Snowe (R-Maine), Jim Inhofe (R-Oklahoma), Johnny Isakson (R-Georgia), Roy Blunt (R-Missouri), Kelly Ayotte (R-New Hampshire), Richard Burr (R-North Carolina), Rob Portman (R-Ohio), John Barrasso (R-Wyoming), Mike Johanns (R-Nebraska), Mark Kirk (R-Illinois), Pat Roberts (R-Kansas), Richard Lugar (R-Indiana), and John Hoeven (R-North Dakota).
- Mandates that total budgetary outlays for any fiscal year not exceed total revenues.
- Caps federal spending at 20 percent of GDP.
- Requires the President to submit a balanced budget to Congress every fiscal year.
- Requires two-thirds vote in both the House and Senate on any measure that raises taxes.
- Provisions can be waived if there is a formal declaration of war, if the U.S. is engaged in a military conflict constituting a threat to national security, or if two-thirds of both the House and Senate approve.