Shelby Proposes Balanced Budget Amendment
WASHINGTON, DC – U.S. Senator Richard Shelby (R-Ala.) has re-introduced legislation proposing a constitutional amendment that would require Congress to have a balanced budget in an effort to reduce our nation’s increasing debt, which has surpassed $22 trillion. Senator Shelby has introduced similar legislation each Congress since joining the Senate.
“While our national debt continues to climb, it is imperative that we stop spending without proper constraint,” said Senator Shelby. “I have long believed that our Constitution lacks a requirement for the federal government to balance the budget – something that hardworking Americans are required to do every day. This legislation would implement a common-sense policy to improve our spending of taxpayer funds and help protect the future of the next generation.”
If passed by Congress and then ratified by three-fourths of the states, this amendment to the Constitution would require that the total amount of money spent by the United States during any fiscal year, except during times of war, not exceed the amount of revenue received by the U.S. during the same fiscal year, and not exceed 20% of the gross domestic product of the U.S. during the previous calendar year.