Young, Colleagues Introduce Constitutional Balanced Budget Amendment
WASHINGTON, D.C. — U.S. Senator Todd Young (R-Ind.) and Cindy Hyde-Smith (R-Miss.) joined 22 of their colleagues in introducing a balanced budget amendment to the U.S. Constitution to force the President and Congress to enact annual balanced budgets.
The joint resolution 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. Similar resolutions were introduced in the 116th and 117th Congresses.
“Unlike the State of Indiana, the federal government is not required to balance the budget,” said Senator Young. “I’ve long supported a balanced budget amendment to help address our long-term fiscal problems, reduce unnecessary spending, and restore budget sanity.”
“Most Americans understand that our growing deficit and national debt will catch up with us if we don’t act to control spending. We must learn to live within our means. Mississippi is required to balance its budget and Washington should too,” said Senator Hyde-Smith. “My balanced budget amendment provides the American people and our nation’s leaders with a responsible framework to save the country from a future of perpetual and unsustainable red ink.”
The joint resolution would amend the U.S. Constitution to require:
- The President to submit a balanced budget
- Congress to pass a balanced budget
- Restrict federal spending to 18 percent of the Gross Domestic Product
- Two-thirds majority votes in the House and Senate to raise taxes
- A new three-fifths majority vote in both houses of Congress to raise the debt limit
The resolution also includes certain spending waivers for use during wartime or imminent danger to national security.
In addition to Senators Young and Hyde-Smith, Senators John Cornyn (R-Texas), John Thune (R-Wyo.), Joni Ernst (R-Iowa), John Barrasso (R-Wyo.), Steve Daines (R-Mont.), Cynthia Lummis (R-Wyo.), Shelley Moore Capito (R-W.Va.), James Risch (R-Idaho), Marsha Blackburn (R-Tenn.), Mike Crapo (R-Idaho), Deb Fischer (R-Neb.), John Hoeven (R-N.D.), Kevin Cramer (R-N.D.), 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) were also original cosponsors.
Full text of the resolution can be found here.