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Text of Balanced Budget Amendment released, predicably disappointing

Full text here.

Here are the important parts:

SECTION 1. Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless two-thirds of the duly chosen and sworn Members of each House of Congress shall provide by law for a specific excess of outlays over receipts by a roll call vote.

SECTION 2. Total outlays for any fiscal year shall not exceed 18 percent of the gross domestic product of the United States for the calendar year ending before the beginning of such fiscal year, unless two-thirds of the duly chosen and sworn Members of each House of Congress shall provide by law for a specific amount in excess of such 18 percent by a roll call vote.

SECTION 4. Any bill that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue may pass only by a two-thirds majority of the duly chosen and sworn Members of each House of Congress by a roll call vote. For the purpose of determining any increase in revenue under this section, there shall be excluded any increase resulting from the lowering of the statutory rate of any tax.

SECTION 5. The limit on the debt of the United States shall not be increased, unless three-fifths of the duly chosen and sworn Members of each House of Congress shall provide for such an increase by a roll call vote.

Obviously they can also run perpetual war, but that condition is difficult to maintain. More likely is they'll just vote to keep spending under the above listed clauses.

This is the failure in these amendment that Tom Woods briefly discussed in Rollback.

I believe that activist time spent on this item is time not spent on something productive. I challenge someone to provide evidence to support the claim that such amendments solve the problem of fiscal insanity, because it really hasn't done anything for us here in California.



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