Balanced budget amendment: 'Irresponsible' - Mar. 29, 2011

Republican Sens. John Cornyn and Orrin Hatch are two co-sponsors of a bill that would require a balanced budget, cap spending and make it harder to raise taxes.
By Jeanne Sahadi, senior writerMarch 29, 2011: 12:02 PM ET

NEW YORK (CNNMoney) -- In a time of record debt, it sure sounds prudent: Amend the U.S. Constitution to force Congress to balance the budget every year. In reality, it may be anything but.

More than a dozen leading Republican senators are co-sponsoring a bill that would require a balanced budget; cap spending below the historical average; and require a supermajority of lawmakers to approve tax hikes or most increases to the debt ceiling.

Co-sponsors Orrin Hatch and John Cornyn noted earlier this year that the annual deficit is more than 10 times what it was in 1997, when the Senate came close to approving another balanced budget amendment. [...]

Full article at money.cnn.com

 

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