Members of Congress wouldn’t receive their paychecks unless they adopt a balanced budget under a constitutional amendment recently introduced by U.S. Rep. John Ratcliffe (R-TX).
The Balanced Budget Amendment to the Constitution, H.J. Res. 98, would also prevent the president from receiving paychecks unless a balanced budget is submitted to Congress.
“We all know that making meaningful change in Washington often doesn’t happen unless we hold lawmakers’ feet to the fire,” Ratcliffe said. “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.”
Under H.J. Res. 98, the Constitution would be amended to mandate that outlays do not exceed total receipts in any fiscal year, and it would limit outlays to no more than 18 percent of gross domestic product (GDP) in each fiscal year.
“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,” Ratcliffe said.
The resolution would also require new taxes or tax increases to receive two-thirds approval from both bodies of Congress, and debt limit increases or suspensions would require three-fourths approval from both bodies.