… the proposed amendment — introduced by Senate President Pro Tem Orrin Hatch (R-UT) and cosponsored by every Republican senator — would enshrine in the Constitution a severe cap on total federal spending set at 18 percent of gross domestic product in the prior completed calendar year.
This cap would compel policymakers to cut all programs by an average of more than one-fourth when it takes effect — we are assuming 2023. The total amount of cuts required would amount to $8 trillion over the next decade; starting in 2023, the cuts would be about half a trillion dollars a year deeper than those that would be made under the severe budget plan the House Budget Committee’s Republican majority passed earlier this year.Latest from the loony bin. GOP Senators explore la-la land, doubling down on GOP House.
Senate Proposal for Balanced Budget Amendment Would Require Extreme Budget Cuts
Richard Kogan And Cecile Murray