under consideration is something called the Cut, Cap, and Balance Act, which would condition an increased debt limit on the House and Senate passage of the BBA.
The Fight for the Balanced Budget Amendment
By Heritage Foundation Mike Brownfield——Bio and Archives--July 15, 2011
Washington remains embroiled in debt limit negotiations as Republicans and Democrats stand apart on how to best go about increasing the amount of money the government can borrow and spend. But on the sidelines, another debate simmers over one amendment to the U.S. Constitution that could have averted today’s spending debacle: the balanced budget amendment (BBA).
At its core, the BBA would mandate that Congress not spend more than its income–a notion that would truly be a radical departure from today’s course of business in the nation’s capital, where the national debt could eventually reach a staggering 344 percent of GDP by mid-century.
You might think that putting constitutional limits on Congress’s ability to borrow and spend beyond its means is an idea whose time has come. If so, you’d be in good company. In 1798, Thomas Jefferson, the great author of America, wrote that he longed for such a constraint:
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