WASHINGTON, D.C. – Senator Joni Ernst (R-IA) announced she has co-sponsored a Balanced Budget Amendment to the Constitution, introduced by Senator Orrin Hatch (R-UT).
“A balanced budget amendment is a commonsense way of reining in Washington’s out of control spending,” said Senator Ernst. “All across Iowa, hardworking families and businesses must balance their budget every day, and the federal government should be no exception. It’s time to restore fiscal responsibility to our government and begin laying the foundation for a better and stronger economy that Iowans – and all Americans – deserve.”
Balanced Budget Amendment
- Requires the Government does not spend any more than it takes in, unless agreed upon by two thirds of both the House of Representatives and Senate
- Mandates the Government does not spend in excess of 18 percent of the gross domestic product (GDP)
- Requires any legislation that includes a new tax, tax increase or an increase in the overall collection of taxes must pass both the House of Representatives and Senate with a two-thirds majority
- Prohibits an increase of the federal debt limit, unless agreed upon by three-fifths of both the House of Representatives and Senate
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