Legal & Policy Challenges

Enact the Balanced Budget Veto Amendment

The Balanced Budget Veto Amendment is a proposed amendment to the United States Constitution put forth in a paper by Anthony Hawks published by the libertarian Cato Institute, with the intention of establishing a self-enforcing mechanism to reduce deficit spending.

 

The amendment gives the President line-item veto authority over spending for one year, if the prior year's budget is unbalanced.

 

Such an amendment would permit the President to make necessary spending cuts while providing Congress with an incentive to balance the federal budget by Themselves.

 

(Additional details may be found at http://www.cato.org/pub_display.php?pub_id=1346

Why Is This Idea Important?

Given the recent sense of urgency to increase spending with the intention of reversing/preventing further economic deterioration, combined with the increasing degree of entitlement obligations from Social Security and Medicare, providing a strong incentive to balance the federal budget (without explicitly mandating such) becomes increasingly important and urgent.

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Idea No. 2393