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Balanced Budget Amendment

Traveler

Well-known member
http://www.humanevents.com/article.php?id=42644

Senate Minority Leader Mitch McConnell (R.-Ky.) will announce on Thursday afternoon that all 47 Republican Senators have co-sponsored a “consensus Balanced Budget Amendment to the U.S. Constitution,” HUMAN EVENTS has learned exclusively. This year’s budget deficit is projected to be $1.6 trillion, and the national debt is currently $14.1 trillion.

The key provisions of the new balanced budget amendment (BBA) are: Congress must pass a balanced budget; the President has to submit a balanced budget; spending is capped at 18% of the Gross Domestic Product (GDP); “supermajority” vote (two-thirds of House and Senate) to raise taxes; and “new supermajority” vote (three-fifths of House and Senate) to raise the debt ceiling.
 

hypocritexposer

Well-known member
the 18% spending is based on Hauser's Law, I believe,


Over the past six decades, tax revenues as a percentage of GDP have averaged just under 19% regardless of the top marginal personal income tax rate. The top marginal rate has been as high as 92% (1952-53) and as low as 28% (1988-90). This observation was first reported in an op-ed I wrote for this newspaper in March 1993. A wit later dubbed this "Hauser's Law."

http://ranchers.net/forum/viewtopic.php?p=494320&highlight=hausers+law#494320
 
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