04/16/13 Congresswoman Jackie Walorski (IN-02), a member of the House Budget Committee, introduced a balanced budget Constitutional amendment (H.J. Res. 38) as her first sponsored legislation in the 113th Congress. The bill restricts outlays to revenue, allowing Congress to spend no more than it takes in each year.
“On Tax Day, Hoosier families have just completed the painstaking process of filing returns to determine how much of their hard-earned money is owed to the government,” said Walorski. “With a $16.8 trillion national debt, it is time to enact serious reforms that force Washington to live within its means by passing a balanced budget to create jobs.”
The balanced budget amendment forces Congress to spend only what it takes in, requires a 3/5 majority vote to increase the debt limit, requires a majority vote to raise taxes, and states the President must annually submit a balanced budget to Congress.
“While serving in the Indiana State Legislature, we passed a balanced budget that turned our state deficit into a surplus and created thousands of good-paying jobs. The President’s budget includes $1 trillion in new taxes and $964 billion in government spending—never balancing. Instead, American families deserve a responsible plan that will curtail wasteful government spending and foster job growth.”
There are currently 49 states, including Indiana, that have some requirements to balance a budget. The bill has been referred to the House Committee on the Judiciary.