WASHINGTON, D.C. (LOOTPRESS) – U.S. Senator Shelley Moore Capito (R-W.Va.) today joined 15 senators in reintroducing a balanced budget amendment to the U.S. Constitution requiring the president and Congress to enact annual balanced budgets.
Like the measure Senator Capito cosponsored in the 116th Congress, the joint resolution authored by U.S. Senator Cindy Hyde-Smith (R-Miss.) proposes a constitutional amendment outlining requirements for the submission and approval of annual balanced budgets.
“Every American family and business has to balance their budget every single day, and Congress shouldn’t behave any differently,” Senator Capito said. “It can be a challenge even in normal times, let alone during a pandemic. Out of respect for the sacrifices and decisions families and businesses across West Virginia have to make, I strongly believe Congress should enact annual balanced budgets. Throughout my Congressional career, I have sponsored and voted for adding a Balanced Budget Amendment to the Constitution. I am doing so again in the hopes we accept the responsibilities so many Americans face daily.”
The legislation proposes a constitutional amendment that would:
• Require the president to submit a balanced budget
• Require Congress to pass a balanced budget
• Restrict federal spending to 18 percent of the Gross Domestic Product
• Require two-thirds majority votes in the House and Senate to raise taxes
• Require a new three-fifths majority vote in both houses of Congress to raise the debt limit
The joint resolution also includes certain spending waivers for use during wartime or imminent danger to national security.
Along with Senator Capito, the original cosponsors of Hyde-Smith’s measure include, U.S. Senators John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Mike Crapo (R-Idaho), John Cornyn (R-Texas), Joni Ernst (R-Iowa), Deb Fischer (R-Neb.), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), James Inhofe (R-Okla.), Jerry Moran (R-Kan.), James Risch (R-Idaho), Marco Rubio (R-Fla.), Thom Tillis (R-N.C.), and Todd Young (R-Ind.).