U.S. Senator Deb Fischer (R-Neb.) joined 23 of her colleagues to introduce a balanced budget amendment to the U.S. Constitution to force the President and Congress to enact annual balanced budgets. U.S. Senator Cindy Hyde-Smith (R-Miss.) led the introduction of the bill.
The joint resolution (S.J.Res.13) proposes a constitutional amendment to establish requirements for the submission and approval of annual balanced budgets, including guidelines regarding exceeding spending caps and raising taxes.
“It is long past time for Congress to stop budgeting crisis to crisis. Across Nebraska, families have to make difficult decisions about their own budgets every day, especially as they cope with the pain of inflation. Congress should operate under the same rule. I’m proud to support this amendment that will force our federal government to live within its means and ensure taxpayer dollars are being used responsibly,” said Sen. Fischer.
The joint resolution would amend the U.S. Constitution to:
- Require the President to submit a balanced budget;
- Require Congress to pass a balanced budget;
- Restrict federal spending to 18% of the Gross Domestic Product (GDP);
- Require two-thirds majority votes in the House and Senate to raise taxes;
- Require a new three-fifths majority vote in both houses of Congress to raise the debt limit.
S.J.Res.13 also includes certain spending waivers for use during wartime or imminent danger to national security.
In addition to Sens. Fischer and Hyde-Smith, the legislation is cosponsored by U.S. Senators John Cornyn (R-Texas), John Thune (R-S.D.), Shelley Moore Capito (R-W.Va.), Joni Ernst (R-Iowa), John Barrasso (R-Wyo.), Steve Daines (R-Mont.), Cynthia Lummis (R-Wyo.), James Risch (R-Idaho), Marsha Blackburn (R-Tenn.), Mike Crapo (R-Idaho), John Hoeven (R-N.D.), Kevin Cramer (R-N.D.), Todd Young (R-Ind.), Ted Budd (R-N.C.), Pete Ricketts (R-Neb.), Thom Tillis (R-N.C.), Roger Wicker (R-Miss.), Bill Hagerty (R-Tenn.), Roger Marshall, M.D. (Kan.), Markwayne Mullin (R-Okla.), Katie Britt (R-Ala.), and Mike Lee (R-Utah).
Full bill text is available here.
