Obama just lost the election tonight

[Wiseacre]

I am not in favor of the BBA for that very reason. If I understand the idea--no verbiage is available TTBOMK--you spend what you take in. What if we're taking in more than we need? Presto..instant urge to spend. What if we get someone who wants to invade Russia from their house? Massive tax increase.

The idea of the BBA is a good idea; I get it. I prefer an admendment (actually a re-write) where you spend a percentage of your tax revenues (I said GDP in the past) and whatever is left over is returned or put toward national priorities; but the budget is NEVER more than tax receipts by Constitutional law

I've heard it said that a major reason why all but one state have a balance budget requirement is because the federal government does not. In an emergency, the states can rely on the federal government. In the 2008 recession, hundreds of billions of federal dollars when to the states allowing them to maintain vital services.

I think you are wrong. The reason States have balanced budget amendments is to keep the government from forcing unfunded mandates upon the states.

I thought it was cuz the states can't print their own money. So the locals got together and decided we gotta make sure we live within our means. What a concept.