• Free Patriot Press
Many groups have been lobbying the U.S. Congress to pass a Balanced Budget Amendment. In fact, a proposed amendment was rejected by the House of Representatives on November 18, 2011. However, an amendment requiring a balanced budget will not prevent deficit spending and/or an increase in the federal debt.
The rejected Balanced Budget Amendment has loopholes wide enough to drive a truck through.
Loophole #1 “Total outlays for any fiscal year shall not exceed total receipts for that fiscal year, unless three-fifths of the whole number of each House of Congress shall provide by law for a specific excess of outlays over receipts by a rollcall vote.” This means that as long as 261 Representatives and 60 Senators agree to the budget, it doesn't need to be balanced.
Loophole #2 “The limit on the debt of the United States held by the public shall not be increased, unless three-fifths of the whole number of each House shall provide by law for such an increase by a rollcall vote.” Again
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