Udall's Balanced Budget Amendment to be Voted on by End of Year as Part of Bipartisan Debt Compromise
Today, Mark Udall announced that his constitutional amendment directing Congress to balance the federal budget each year will be voted on in the Senate by the end of the year. The vote, which will take place between September 30 and December 31, 2011, is required as part of the debt negotiations that passed the House and Senate this week.
Udall was joined by Senators Max Baucus, Bill Nelson, Ben Nelson, Claire McCaskill and Joe Manchin in introducing a common-sense Balanced Budget Amendment that will help pay down the nation's debt and restore fiscal responsibility in Washington. Udall becomes the first Democratic senator in many years to introduce balanced budget amendment.
The amendment states that federal spending could not exceed revenue, except in special cases, such as when the nation is in a war declared by Congress. And it could be suspended only if three-fifths of the members of the House and Senate agree.
"My proposal is a responsible approach to requiring a balanced budget that would prevent future Congresses from making some of the same mistakes that have led to our debt crisis," Udall said. "This is one tool that would help us make tough choices while still allowing our country to prosper."
Udall's amendment:
- Requires that the federal budget be balanced each year unless 3/5ths of each House (60 votes in the Senate) vote to waive.
- Requires the President to submit a budget each year that is balanced.
- The provision would be waived when the U.S. is in a declared time of war.
- In addition, it would create a Social Security lockbox that protects the revenue and outlays of Social Security from any balanced budget requirement.
- Finally, it would prohibit Congress from providing income tax breaks for people earning over $1,000,000 a year, unless we are running surpluses (those surpluses must also not be eliminated if such a tax break were enacted).
Please contact Tara Trujillo or Jennifer Talhelm at 202-224-4334.