WASHINGTON (KKCO) -- As part of the agreement to raise the national debt ceiling, both chambers of Congress are now required to vote on a balanced budget amendment -- and leading that charge in the U.S. Senate is Colorado Senator Mark Udall.
Udall and five other Senate Democrats have introduced a proposal that would pave the way for a Constitutional Amendment requiring Congress to pass a balanced budget.
Under the plan, federal spending could not exceed revenues, except when the nation is in a war declared by Congress, or if three-fifths of both chambers agree to waive the rule.
The plan also creates a Social Security lockbox that protects revenues and outlay of Social Security from any balanced budget requirement -- and prohibits Congress from providing income tax breaks for people earning more than $1 million a year, unless there is a national surplus.
"My proposal is a responsible approach to requiring a balanced budget that would prevent future Congresses from making some of the same mistakes that have led to our debt crisis," said Udall. "This is one tool that would help us make tough choices while still allowing our country to prosper."
The Senate is required to vote on the measure before December 31.
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