WASHINGTON, D.C. – U.S. Senators John Barrasso and Cynthia Lummis, both R-Wyo., joined U.S. Senator Cindy Hyde-Smith (R-Miss.) and their Republican colleagues in introducing a balanced budget amendment to the U.S. Constitution. This joint resolution would force the president and Congress to enact annual balanced budgets.
The resolution proposes a constitutional amendment establishing requirements for the submission and approval of annual balanced budgets, including guidelines regarding exceeding spending caps and raising taxes.
“Wyoming balances its budget every year – it’s time for Washington to follow our lead,” said Barrasso. “This amendment ensures Congress and the president are constitutionally obligated to avoid reckless overspending. At a time we are facing record-high inflation, it’s more important than ever to balance each and every budget coming out of Washington.”
“We need to get our economy back on track, and that starts with responsible government spending. We must make the hard decisions now to secure a bright future for our children and grandchildren,” said Lummis. “During his time in the Senate, my friend and predecessor Senator Mike Enzi pushed repeatedly for a balanced budget amendment. I will continue to push for this amendment on behalf of future generations of people in Wyoming.”
The joint resolution would amend the U.S. Constitution to require:
• Require the President to submit a balanced budget.
• Require Congress to pass a balanced budget.
• Restrict federal spending to 18 percent of the Gross Domestic Product.
• Require two-thirds majority votes in the House and Senate to raise taxes.
• Require a new three-fifths majority vote in both houses of Congress to raise the debt limit.