Balanced Budget Constitutional Amendment Introduced in Senate

Senator John Cornyn, as well as all other 44 Republicans in the Senate, introduced the balanced budget consitutional amendment today in the Senate.

"With more than $16 trillion of debt, including nearly $6 trillion since President Obama took office, we are facing nothing short of a fiscal crisis. Everyone agrees that our nation is on an unsustainable path, but unfortunately as we saw last night, President Obama is incapable of tempering his appetite for more and more spending," says Cornyn in a statement.

"We must set effective limits on spending and taxes, and require a balanced budget. Families across Texas have to balance their checkbooks and live within their means, and there is no reason their government should operate any differently."

The senator's office explains what the amendment would do:

Requirement to Balance the Budget. With limited exceptions, the federal budget must be balanced.

Presidential Requirement to Submit a Balanced Budget. Prior to each fiscal year, the President must submit to Congress a balanced budget that limits outlays to 18 percent of GDP. 

18 Percent Spending Cap. With limited exceptions, Congress must limit outlays to 18 percent of GDP.

Supermajority for Tax Increases. Establishes a new supermajority requirement for net tax and rate increases.

Supermajority to Raise the Debt Limit. Establishes new supermajority requirement for an increase in the debt limit.