Congress's past failure to produce balanced budgets is a major cause of today's fiscal crisis. It is time that Congress accepts a limit on its runaway spending, and joins the 49 states which govern with a balanced budget requirement. A balanced budget amendment that fundamentally reforms the way Washington budgets and spends must include protections against federal tax increases and a cap on federal spending to GDP, as discussed here.
One proposed balanced budget amendment sponsored by RSC member Rep. Joe Walsh (IL-08), H.J.Res 56, would require the President to submit and Congress to enact a balanced budget, cap federal spending at 18% of GDP, and prevent future federal tax increases. Congress could only waive these provisions by a two-thirds vote, except in times of declared war or by three-fifths majority during times of military conflict. It would also require a three-fifths majority to raise the federal debt limit.