Sen. Katie Britt, a member of the Senate Committee on Appropriations, has joined a group of 22 other senators in introducing and co-sponsoring a balanced budget amendment.
The constitutional amendment seeks to create requirements for the submission and approval of yearly balanced budgets. This includes guidelines that deal with spending caps and raising taxes, she said.
“Our ballooning national debt is already an economic and security crisis,” said Britt (R-Montgomery). “… President Biden proposed an unserious budget that would continue to recklessly pile this burden on the backs of our children and our children’s children. Alabama families balance their household budgets every day, and we must expect the federal government to do the same.
“It is past time to hold Washington accountable for runaway, wasteful spending that is fueling inflation and endangering our nation’s future.”
The proposed legislation would make the following changes to the Constitution:
- Require the President to submit a balanced budget and Congress to pass a balanced budget
- Restrict federal spending to 18% of the Gross Domestic Product
- Require two-thirds majority votes in the House and Senate to raise taxes
- Require a three-fifths majority vote in both houses of Congress to raise the debt limit
The amendment comes in response to Biden releasing the outline of his Fiscal Year 2024 budget proposal. The proposal would raise taxes by $4.7 trillion and raise the national debt to $50.7 trillion by 2033, Britt said.
Austen Shipley is a staff writer for Yellowhammer News.