Yesterday, Montana Senator Steve Daines reintroduced his Balanced Budget Accountability Act, which would require lawmakers to pass a budget that balances within 10 years and demands a super-majority in each chamber in order to pass any tax increase. ATR urges all members of Congress to support the Balanced Budget Accountability Act.
As explained in the bill, the federal budget has shown an annual deficit in 51 of the last 56 years. As the national debt approaches $28 trillion, concerns about confidence in the Nation’s economy, job creation, and economic growth persist.
This amendment requires that by Fiscal Year 2028, the government limit spending to 18 percent of GDP, therefore requiring government to live within its means. Within 10 years, or by Fiscal Year 2031, the budget must be balanced. In other words, it cannot spend more than what it receives in revenue.
Importantly, this amendment will protect taxpayers from unnecessary and burdensome taxes and instead requires Congress to balance the budget responsibly. This bill would prohibit tax increases unless three-fifths of each chamber vote in favor of them. While raising taxes strains the economy, there are several areas in which the government can reform its spending. This bill would incentivize members of Congress to finally explore those areas.
Senator Daines’ bill will rein in government spending, protect taxpayers, and force Congress to live within their means.