A balanced-budget amendment is a constitutional rule requiring that the state cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government.
Balanced-budget provisions have been added to the constitutions of most U.S. states, the Basic Law of Germany, Spain, Italy and the Swiss Constitution. It is often proposed that a balanced-budget rule be added to the national United States Constitution. Most balanced-budget provisions make an exception for times of war, national emergency, or recession, or allow the legislature to suspend the rule by a supermajority vote.
Famous quotes containing the words balanced, budget and/or amendment:
“[T]hat moment of evening when the light and the darkness are so evenly balanced that the constraint of day and the suspense of night neutralize each other, leaving absolute mental liberty. It is then that the plight of being alive becomes attenuated to its least possible dimensions.”
—Thomas Hardy (1840–1928)
“We might come closer to balancing the Budget if all of us lived closer to the Commandments and the Golden Rule.”
—Ronald Reagan (b. 1911)
“The First Amendment is not a blanket freedom-of-information act. The constitutional newsgathering freedom means the media can go where the public can, but enjoys no superior right of access.”
—George F. Will (b. 1934)