
The resolution:
States that federal spending cannot exceed revenue;
Limits the total expenditures of the government to 20 percent of gross national product (GNP) of the previous year;
Would not apply when the United States is engaged in a war declared by Congress;
Allows a simple three-fifths vote of each house of Congress to suspend the balanced budget requirements for a given year.
"American families have to balance their own checkbooks - and, especially in these hard times, they're wondering why their federal government doesn't have to do the same," Udall said. "In fact, the United States has balanced its budget only five times in the last 50 years. Meanwhile, we've racked up a record debt that threatens our future economic leadership. We need to take action now to turn our fiscal situation around."
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