Balanced Budget Amendment

Introduction:
The Balanced Budget Amendment is an article of Amendment to the Constitution of the United States that has at various times in American history been proposed. The most serious effort to successfully add this amendment to the Constitution was in 1982 during the Reagan Administration. It was sabotaged and ever since the BBA has been part of the Republican Party Platform, with a few exceptions all Republican Senators and most Representatives support the amendment. Nearly all Republicans running for Congress in the year of 2012 will have the BBA as part of their promises. This is the most important amendment so far lacking from the Constitution. It will be added to the Constitution.

Full Text*:

1. Section 1. Prior to each fiscal year, the Congress shall adopt a statement of receipts and outlays for that year in which total outlays are no greater than total receipts. The Congress may amend such statement provided revised outlays are not greater than revised receipts. Whenever three-fifths of the whole number of both Houses shall deem it necessary, Congress in such statement may provide for a specific excess of outlays over receipts by a vote directly to that subject. The Congress and the President shall ensure that actual outlays do not exceed the outlays set forth in such statement.
2. Section 2. Total receipts for any fiscal year set forth in the statement adopted pursuant to this article shall not increase by a rate greater than the rate of increase in national income in the last calendar year ending before such fiscal year, unless a majority of the whole number of both Houses of Congress shall have passed a bill directed solely to approving specific additional receipts and such bill has become law.
3. Section 3. The Congress may waive the provisions of this article for any fiscal year in which a declaration of war is in effect.
4. Section 4. The Congress may not require that the states engage in additional activities without compensation equal to the additional costs.
5. Section 5. Total receipts shall include all receipts of the United States except those derived from borrowing and total outlays shall include all outlays of the United States except those for repayment of debt principal.
6. Section 6. This article shall take effect for the second fiscal year beginning after its ratification.

*This is the 1982 version.

Supporters:
GOP Leadership
President Ronald Reagan
President George Bush
GOP Presidential Nominee Bob Dole
All 2000 & 2008 & 2012 Republican Presidential Candidates
Conservatives like Marco Rubio, Libertarians like Ron Paul and Moderates like Sen. Hatch & Sen. McCain all agree on this amendment.

Well known Democrats also support the BBA

Personal Comments:
I unequivocally support the Balanced Budget Amendment - Smart aka Reuven.

Quotes:

Thomas Jefferson said: "I wish it were possible to obtain a single amendment to our Constitution... I mean an additional article, taking from the federal government the power of borrowing."

James Madison, The Father of the Constitution, said: "A public debt is a public curse."

Links:
http://www.balanceourbudget.com/
http://www.bbanow.org/