House Judiciary Committee Passes Balanced Budget Amendment

The House Judiciary Committee yesterday passed the balanced budget amendment, H.J. Res. 1, by a vote of 20-12.  The move clears the way for full House consideration of the measure, but The Hill reports that some supporters say that's premature.

 

The proposed amendment doesn't just require a balanced budget; it does much more:

• It limits total federal expenditures for any fiscal year to 1/5 of GDP (unless 2/3 of each House agree to a higher limit);
• It requires a 3/5 majority of each House to increase the debt limit;
• It requires that the President's budget proposal be balanced; and
• It requires a 3/5 majority of each House for any tax increase.

The proposed amendment has an out whenever the U.S. is engaged in a military conflict and a threat to national security.

The proposed amendment needs a 2/3 vote in the full House, a 2/3 vote in the full Senate, and ratification by 3/4 of the States before it would take effect.  This seems, well, unlikely.

SDS

[Image: CBO, http://www.cbo.gov/budget/budget.cfm]