Proposal Based Largely on Original Cornyn Amendment Introduced in January
Texas Insider Report: WASHINGTON Today U.S. Senator John Cornyn (R-Texas) joined Senate Republicans in introducing a consensus Balanced Budget Amendment to the Constitution to bring much-needed fiscal discipline back to Washington and reverse the course of running unsustainable deficits. The consensus amendment relies heavily on a proposal introduced earlier this year by Sen. Cornyn who made this statement following todays news conference announcing the amendment:
Just as Texans must make tough choices and balance their checkbooks every year there is no reason the federal government shouldnt do the same. We are facing a fiscal crisis and everyone agrees that our nation is on an unsustainable path. Unfortunately Washington has a track record of failing to get its own books in order. We must set effective limits on spending taxes and require a balanced budget. It is my hope that the Majority will join us and make this a top priority for the 112th Congress."
BACKGROUND
Presidential Requirement to Submit a Balanced Budget. Prior to each fiscal year the President must transmit to Congress a balanced budget that limits outlays to 18 percent of GDP.
Requirement to Pass a Balanced Budget. With the following limited exceptions Congress must pass a balanced budget.
18 Percent Spending Cap. With the following limited exceptions Congress must limit outlays to 18 percent of GDP.
Supermajority for Tax Increases. Establishes a new supermajority requirement for net tax and rate increases.
Supermajority to Raise the Debt Limit. Establishes new supermajority requirement for an increase in the debt limit.
Senator Cornyn serves on the Finance Judiciary Armed Services and Budget Committees. He serves as the top Republican on the Judiciary Committees Immigration Refugees and Border Security subcommittee.
