I have opposed the balanced budget amendment because it would do nothing to limit spending and likely require future tax increases to match growing spending.
I was wrong. It's all in there!
Please read the text of the Senate Republican version with nearly all Senate Republicans as co-sponsors. It limits spending to 18% of GDP.
This came to my attention through a Tom Daschle editorial opposing it.
http://online.wsj.com/article/SB10001424052702303657404576361911670103814.html?mod=WSJ_Opinion_LEFTTopOpinion------------------
http://www.scribd.com/doc/52020805/GOP-Balanced-Budget-Amendment-Text(This didn't cut and paste very well with section nos, page nos and line nos. Read it at the source link if you prefer.)
JOINT RESOLUTION
Proposing an amendment to the Constitution of the UnitedStates relative to balancing the budget.
Resolved by the Senate and House of Representatives
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of the United States of America in Congress assembled
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(two-thirds of each House concurring therein),
That the fol-
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lowing article is proposed as an amendment to the Con-
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stitution of the United States, which shall be valid to all
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intents and purposes as part of the Constitution when
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2
JEN11494 S.L.C.
ratified by the legislatures of three-fourths of the several
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States:
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‘‘ARTICLE
—
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‘‘SECTION 1. Total outlays for any fiscal year shall
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not exceed total receipts for that fiscal year, unless two-
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thirds of the duly chosen and sworn Members of each
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House of Congress shall provide by law for a specific ex-
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cess of outlays over receipts by a roll call vote.
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‘‘SECTION 2. Total outlays for any fiscal year shall
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not exceed 18 percent of the gross domestic product of
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the United States for the calendar year ending before the
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beginning of such fiscal year, unless two-thirds of the duly
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chosen and sworn Members of each House of Congress
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shall provide by law for a specific amount in excess of such
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18 percent by a roll call vote.
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‘‘SECTION 3. Prior to each fiscal year, the President
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shall transmit to the Congress a proposed budget for the
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United States Government for that fiscal year in which—
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‘‘(1) total outlays do not exceed total receipts;
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and
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‘‘(2) total outlays do not exceed 18 percent of
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the gross domestic product of the United States for
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the calendar year ending before the beginning of
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such fiscal year.
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3
JEN11494 S.L.C.
‘‘SECTION 4. Any bill that imposes a new tax or in-
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creases the statutory rate of any tax or the aggregate
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amount of revenue may pass only by a two-thirds majority
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of the duly chosen and sworn Members of each House of
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Congress by a roll call vote. For the purpose of deter-
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mining any increase in revenue under this section, there
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shall be excluded any increase resulting from the lowering
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of the statutory rate of any tax.
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‘‘SECTION 5. The limit on the debt of the United
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States shall not be increased, unless three-fifths of the
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duly chosen and sworn Members of each House of Con-
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gress shall provide for such an increase by a roll call vote.
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‘‘SECTION 6. The Congress may waive the provisions
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of sections 1, 2, 3, and 5 of this article for any fiscal year
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in which a declaration of war against a nation-state is in
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effect and in which a majority of the duly chosen and
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sworn Members of each House of Congress shall provide
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for a specific excess by a roll call vote.
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‘‘SECTION 7. The Congress may waive the provisions
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of sections 1, 2, 3, and 5 of this article in any fiscal year
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in which the United States is engaged in a military conflict
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that causes an imminent and serious military threat to
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national security and is so declared by three-fifths of the
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duly chosen and sworn Members of each House of Con-
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gress by a roll call vote. Such suspension must identify
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JEN11494 S.L.C.
and be limited to the specific excess of outlays for that
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fiscal year made necessary by the identified military con-
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flict.
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‘‘SECTION 8. No court of the United States or of any
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State shall order any increase in revenue to enforce this
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article.
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‘‘SECTION 9. Total receipts shall include all receipts
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of the United States Government except those derived
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from borrowing. Total outlays shall include all outlays of
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the United States Government except those for repayment
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of debt principal.
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‘‘SECTION 10. The Congress shall have power to en-
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force and implement this article by appropriate legislation,
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which may rely on estimates of outlays, receipts, and gross
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domestic product.
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‘‘SECTION 11. This article shall take effect beginning
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with the fifth fiscal year beginning after its ratification.’’.
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