WASHINGTON, D.C. – Today, U.S. Senator Deb Fischer (R-Neb.) joined her colleagues Senators Cindy Hyde-Smith (R-Miss.), Mike Crapo (R-Idaho), Marco Rubio (R-Fla.), Thom Tillis (R-N.C.), Joni Ernst (R-Iowa), John Hoeven (R-N.D.), Jim Risch (R-Idaho), and Marsha Blackburn (R-Tenn.) in introducing a resolution that proposes a constitutional amendment to balance the budget.
“To ensure that our nation is fiscally responsible, Congress must stop budgeting crisis to crisis. Families in Nebraska and across the country have to make difficult decisions about their own budgets, and it is far past time for Congress to do the same,” said Senator Fischer.
Read the full resolution here.
This legislation would:
- Prohibit total outlays from exceeding total receipts, unless 2/3 of members in both houses provide by law for the specific excess.
- Prohibit federal spending from exceeding 18% of gross domestic product (GDP) unless 2/3 of members in both houses provide by law for the specific excess.
- Require the President to submit a budget each year that meets the aforementioned criteria.
- Require two-thirds majority votes in the House and Senate for any bill to raise taxes.
- Require a new three-fifths majority vote in Congress to raise the debt limit.