The U.S. will hit its statutory debt limit of roughly $31.4 trillion this week
are gearing up for the coming clash over raising the debt limit and implementing spending caps with some calling for a balanced budget amendment to the U.S. Constitution.
That will give lawmakers until at least early June to raise or suspend the debt limit, setting the stage for a contentious debate that may see balanced budget amendment proposals get a vote, particularly in the GOP-controlled House. Under Obernolte's proposal, the federal government would be required to balance the budget in the fifth fiscal year after the constitutional amendment is ratified by the requisite 38 states. It would task Congress with enforcing the requirement, and spending could only exceed tax revenue in a given year if two-thirds majorities in the House and Senate vote to allow a specific amount of excess spending.Reps. Brian Fitzpatrick, R-Pa.; Zachary Nunn, R-Iowa; Derrick Van Orden, R-Wis.
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