Balanced Budget Amendment

Balanced Budget Act
Congress's past failure to produce balanced budgets is a major cause of today's fiscal crisis.  It is time that Congress accepts a limit on its runaway spending, and joins the 49 states which govern with a balanced budget requirement.  A balanced budget amendment that fundamentally reforms the way Washington budgets and spends must include protections against federal tax increases and a cap on federal spending to GDP, as discussed here.

One proposed balanced budget amendment sponsored by RSC member Rep. Joe Walsh (IL-08), H.J.Res 56, would require the President to submit and Congress to enact a balanced budget, cap federal spending at 18% of GDP, and prevent future federal tax increases.  Congress could only waive these provisions by a two-thirds vote, except in times of declared war or by three-fifths majority during times of military conflict.  It would also require a three-fifths majority to raise the federal debt limit.  

More Information:
One-Page Amendment Summary
Amendment Text
Press Release
U.S. News and World Report: Balanced Budget Movement Grows in House
Daily Caller: Large Majority of Americans Support Balanced Budget Amendment