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A balanced budget amendment or debt brake is a constitutional rule requiring that a state cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government. Balanced-budget provisions have been added to the constitutions of Germany, Hong Kong, Italy, Poland, Slovenia, Spain and ...
A joint resolution increasing the statutory limit on the public debt. The Gramm–Rudman–Hollings Balanced Budget and Emergency Deficit Control Act of 1985[1] and the Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987[2] (both often known as Gramm–Rudman) were the first binding spending constraints on the federal budget.
A balanced budget amendment, in which Congress and the President are forced to balance the budget every year, has been introduced many times, [44] dating back to the 1930s. [45] No measure passed either body of Congress until 1982, when the Senate took 11 days to consider it and gained the necessary two-thirds majority. [45]
An amendment to the Constitution that would require a balanced budget unless sanctioned by a two-thirds vote in both houses of Congress (H.J.Res.1, passed by the US House Roll Call: 300-132, January 26, 1995, but rejected by the US Senate: Roll Call 65–35 (the amendment was defeated by a single vote, with one Republican opposed, Oregon ...
Backers of a balanced budget amendment say they have 28 states on board already, although the validity of some of these states’ proposals might be legally debatable, said Georgetown University ...
The Hill reports that Congress, having passed a $1.5 trillion tax cut in December and a $1.3 trillion spending package just last week, isn’t sure what to do next. Lawmakers may lack a clear plan ...
The Budget Control Act of 2011 (Pub. L. 112–25 (text) (PDF), S. 365, 125 Stat. 240, enacted August 2, 2011) is a federal statute enacted by the 112th United States Congress and signed into law by US President Barack Obama on August 2, 2011. The Act brought conclusion to the 2011 US debt-ceiling crisis.
Balanced budget amendment: Require Congress to balance spending with revenues, enforcing long-term fiscal discipline. 4. Reduce wasteful spending: Carry out a full audit of federal programs to ...