Hoeven Cosponsors New Balanced Budget Amendment Bill
WASHINGTON, D.C. – Senator John Hoeven today participated in a news conference to unveil a new bill that would create a Balanced Budget Amendment to the United States Constitution. The new legislation is built on an earlier bill that Hoeven and 17 other U.S. Senators cosponsored in January, and has now garnered 47 Republican supporters in the Senate.
“This is a sensible approach to balancing the nation’s budget, similar to the requirements of most states,” Hoeven said. “It allows an appropriate exception for times of war, and at the same time, provides a transitional pathway to implement the law and protect programs like Social Security and Medicare for our seniors and future generations.”
The proposed amendment would require Congress to pass a balanced budget and requires a two-thirds majority of both Houses for any bill that would increase the statutory tax rate. The measure makes an exception during a time of war to protect national security and provides a clear pathway to implementation.
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