Senate passes balanced budget requirement!

[Skeptik]

It's called "Reid Amdt. No. 3305"

Official Summary
1/4/2007--Introduced.
Constitutional Amendment - Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts. Requires a three-fifths rollcall vote of each chamber to increase the public debt limit. Directs the President to submit a balanced budget to Congress annually. Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote. Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.

It passed 60-40. Here's a summary, and a tally of votes.

.S. Senate Roll Call Votes 111th Congress - 2nd Session

as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

Vote Summary

Question: On the Amendment (Reid Amdt. No. 3305 )
Vote Number: 12 Vote Date: January 28, 2010, 11:41 AM
Required For Majority: 3/5 Vote Result: Amendment Agreed to
Amendment Number: S.Amdt. 3305 to S.Amdt. 3299 to H.J.Res. 45 (No short title on file)
Statement of Purpose: To reimpose statutory pay-as-you-go.
Vote Counts: YEAs 60
NAYs 40

Is this for real? You decide.

 

[Avatar4321]

Hmmm I would love to see a balanced budget amendment. Though it's ridiculous that you need a constitutional amendment to get these idiots to apply common sense to their spending habits.

I did have one problem:

Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.

That is a very ambiguous statement. The way it's stated, it seems to imply they cant raise taxes... but that's not what it's saying. And raising taxes doesnt necessary increase revenue because it also hurts the economy. Lowering taxes does raise revenues. So this would require them to have a super majority to lower taxes?

Like i said, way too ambiguous. Now say, they cant raise taxes without a super majority and i might not have a problem with it.

 

[Avatar4321]

The vote was on clearly partisan lines. and that makes me instantly suspicious as well.

 

[Baruch Menachem]

Meaningless. Silence and apathy, signifiing nothing.

A real amendment would require 3/4 approval by both houses, and be sent to the states.

also, there is a loophole in there large enough for a truck. It is actually a semi balanced budget bill. It doesn't include interest.

 

[Titanic Sailor]

I'll be impressed when they finally vote for a reduced budget one of these years.

You know, like the rest of the world has already implemented along with our families.

 

[Xenophon]

After wasting over a trillion dollrs, NOW they want a balanced budget?

The bullshit meter just exploded.