With
comments..via
Human Event's site.
1) 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.
As projected, in 2013 this would equal a little over $3TN, short $700BN of estimates.
2) Requirement to Pass a Balanced Budget: With the following limited exceptions, Congress must pass a balanced budget.
* Requires 2/3 of both Houses for a specific deficit for a fiscal year.
* Requires a majority of Congress for a specific deficit for a fiscal year during a declared war.
* Requires 3/5 of Congress for a specific deficit for a fiscal year during a military conflict declared to be “an imminent and serious military threat to national security” and the deficit must be limited to “outlays…made necessary by the identified conflict.”
Who cares about paying for our Wars? Nobody in Congress...
3) 18 Percent Spending Cap: With the following limited exceptions, Congress must limit outlays to 18 percent of GDP.
* Requires 2/3 of both Houses for a specific excess above 18 percent for a fiscal year.
* Requires a majority of Congress for a specific excess above 18 percent for a fiscal year during a declared war.
* Requires 3/5 of Congress for a specific excess above 18 percent for a fiscal year during a military conflict declared to be “an imminent and serious military threat to national security” and the excess be limited to “outlays…made necessary by the identified conflict.”
Again, who cares about paying for our Wars? Nobody in Congress...
4) Supermajority for Tax Increases: Establishes a new supermajority requirement for net tax and rate increases.
* Requires 2/3 of both Houses for any bill “that imposes a new tax or increases the statutory rate of any tax or the aggregate amount of revenue.”
* Excludes increases in revenue resulting from tax cuts.
Send in the clowns. This just means the Republicans want to protect all their tax loopholes for all their big business buddies. It would continue the attack on the middle class and poor. FAIL
5) Supermajority to Raise the Debt Limit: Establishes a new supermajority requirement for an increase in the debt limit.
* Requires 3/5 of both Houses to increase the debt limit.
* Requires a majority of Congress for a fiscal year during a declared war.
Same as #3, tedious.
6) Congressional Enforcement and Use of Estimates: Provides for congressional enforcement and the use of estimates.
They plan to hire Miss Cleo for these.
7) Limits on Courts: Prohibits courts from ordering revenue increases to enforce.
Ok WAIT, this snubs the Supreme Court from ruling on the Constitution..WTF?? It basically makes the amendment un-constitutional.
8) Effective Date: Becomes effective the fifth fiscal year after ratification.
This I actually like, it wouldn't take effect till 38 (?) States ratify it (unlikely) and Obama is leaving office.
The
ONE THING this completely overlooks? Actually paying off the National Debt. This would prevent increases in debt, except for times of war, but would actually make it impossible to pay down our debt with slight revenue increases. DUH.
