Source: United States Senator Kevin Cramer (R-ND)
BISMARCK – U.S. Senator Kevin Cramer (R-ND) and Senator Cindy Hyde-Smith (R-MS) introduced a resolution proposing a constitutional amendment to require Congress and the President submit and approve annual balanced budgets, as well as spending cap and tax guidelines.
“Reckless, unfettered spending fuels inflation and Americans are feeling the pain,” said Senator Cramer. “If we don’t institutionalize fiscal discipline, we won’t exercise fiscal discipline. A Constitutional Amendment will hold us all accountable.”
Joining Senators Cramer and Hyde-Smith are Senators John Cornyn (R-TX), John Thune (R-SD), Joni Ernst (R-IA), John Barrasso (R-WY), Steve Daines (R-MT), Cynthia Lummis (R-WY), Shelley Moore Capito (R-WV), James Risch (R-ID), Marsha Blackburn (R-TN), Mike Crapo (R-ID), Deb Fischer (R-NE), John Hoeven (R-ND), Todd Young (R-IN), Ted Budd (R-NC), Pete Ricketts (R-NE), Thom Tillis (R-NC), Roger Wicker (R-MS), Bill Hagerty (R-TN), Roger Marshall, M.D. (R-KS), Markwayne Mullin (R-OK), Katie Britt (R-AL), and Mike Lee (R-UT).
Click here for text of the resolution. Click here for a one-pager.
Background
The joint resolution would amend the U.S. Constitution to:
- Require the President to submit a balanced budget
- Require Congress to pass a balanced budget
- Restrict federal spending to 18 percent of the Gross Domestic Product
- Require two-thirds majority votes in the House and Senate to raise taxes
- Require a new three-fifths majority vote in both houses of Congress to raise the debt limit
It also includes certain spending waivers for use during times of war or imminent danger to national security.