A balanced budget amendment introduced by Congressman Bob Goodlatte goes up for a House vote this week. Goodlatte says he is seeking bi-partisan support, but Democratic leaders oppose it. More from WFIR’s Evan Jones.
[audio:http://wfirnews.com/wp-content/uploads/2011/11/11-16-BalBudget-Wrap1-WEB.mp3|titles=11-16 BalBudget Wrap1-WEB] Because it is a proposed Constitutional Amendment, it requires a two-thirds approval in both the House and Senate. Goodlatte’s bill was one of several balanced budget proposals introduced this year, but Republican leaders chose this one believing it has the best chance of passing. Indeed, it is very similar to one which received more than 70 Democratic votes in 1995.
If it does pass, it will be without the support of House Democratic leaders. They say it could have disastrous impacts during recessions, tying the federal government’s hands at times when revenue may see sharp declines.