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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