WASHINGTON (AP) — House GOP leaders have scheduled a vote next week on a constitutional amendment that would require a balanced federal budget.

But they're shelving a version of the amendment that tea party activists favored. Instead, the Republican leaders are pressing for Democratic votes in hopes of actually passing the measure. That's what happened in 1995, with lots of help from Democrats.

The amendment requires that Congress not spend more than it receives in revenues unless three-fifths of both the House and the Senate vote to do so and requires the president to submit a balanced budget to Congress.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.