My New Balanced Budget Amendment

Here is the text of a Balanced Budget Amendment that will work.  I dare Orrin Hatch to submit this one.

Ia. No law, varying the compensation for the services of the President, Vice President, Members of the President's Cabinet, Chiefs of the Armed forces, Senators and Representatives; shall take effect, unless expenditures of the Federal Government are less than or equal to receipts.  This law shall take effect five years after the passage of this article.  

1b. Thirty years after the passage of this article, no law, varying the compensation for the services of the President, Vice President, Members of the President's Cabinet, Chiefs of the Armed forces, Senators and Representatives; shall take effect, unless the public debt of the United States Government is paid in full.

II. The Congress may not require that the states engage in additional activities without compensation equal to the additional costs.

III.  Article 1b of this amendment may be waived during a time of war, natural or man-made disaster or unusual economic hardship, but all public debt of the United States acquired for these purposes must be retired thirty years after the debt has incurred.

IV.  After public debt has been retired, Congress may set aside funds for use during time of war, natural or man-made disaster or unusual economic hardship.  These funds must be exhausted before Congress may borrow money.

V.  Congress may not borrow money from foreign governments.  Any debt owed to a foreign power upon the passage of this amendment must be the first to be retired.

VI. Economic hardship, for the purposes of this amendment, is defined as the involuntary idleness of ten percent of the work-force.

What this means.

1.  If the federal government is in deficit, Congress does not get a raise.  The Congress has 30 years to retire the public debt and if it does not, then Congress does not get a raise.

2.  Congress can not push unfunded mandates to the states.

3.  This can be waived in time of war, disaster or economic hardship.  But Congress has 30 years to pay back any money borrowed.

4.  Any rainy-day funds must be exhausted before the government can borrow money.

5.  Congress can't borrow money from foreign governments.  Any funds owed to foreign governments must be paid first.

6.  A U-6 unemployment rate of 10% is the definition of economic hardship for this amendment.

If you like this, share it with a friend.  We want the whole country to know about this one.