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News for Norther Colorado and the world

Saturday, August 30, 2014

Udall will speak on Senate floor before vote on his Balanced Budget Amendment

Udall will speak on Senate floor before vote on his Balanced Budget Amendment

As a reminder, Udall’s amendment:

• Requires that the federal budget be balanced each year unless 3/5ths of each House (60 votes in the Senate) vote to waive it for national emergencies.

• Requires the President to submit a budget each year that is balanced.

• Allows the requirement to be waived when the U.S. is in a declared time of war.

• Creates a Social Security lockbox that protects the revenue and outlays of Social Security and prevents Congress from raiding it to balance the rest of the budget.

• Prohibits Congress from providing income tax breaks for people earning over $1 million a year, unless we are running surpluses (those surpluses must also not be eliminated if such a tax break were enacted).

 

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