Rep. Ratcliffe introduces toughest balanced budget amendment in Congress
WASHINGTON – Rep. John Ratcliffe (R-Texas) introduced a Balanced Budget Amendment to the Constitution (H.J. Res. 98) last week to bring much-needed fiscal discipline to Washington. The constitutional amendment would not only revoke pay for members of Congress if a balanced budget is not adopted, but it would also revoke pay for the president if a balanced budget is not submitted to Congress.
“We all know that making meaningful change in Washington often doesn’t happen unless we hold lawmakers’ feet to the fire. My balanced budget amendment would do just that by stripping both the president and Congress of their pay if either fails to live up to their duty to balance the budget,” Ratcliffe said.
“After all, the best way to improve the economy is by allowing Americans to keep more of their hard-earned dollars and by promoting pro-growth policies that encourage investment – not by allowing excessive government spending and fiscal irresponsibility to continue.”
H.J. Res. 98 also amends the Constitution to include the following fiscally conservative provisions: prohibit total outlays from exceeding total receipts for any fiscal year, limit outlays each fiscal year to no more than 18 percent of GDP, prohibit new taxes or tax increases unless two thirds of both bodies of Congress agree, and require approval by three fourths of both bodies of Congress to increase or suspend the debt limit.