Bill Nelson Signs On To Balanced Budget Amendment That Has Strings Attached

Sen. Bill Nelson, D-Fla., is co-sponsoring a balanced budget amendment to be voted on in the Senate by the end of the year.

Nelson signed on to the Democratic proposal by Sen. Mark Udall, D-Colo. A year-end vote on a balanced budget amendment was required as part of the debt deal that was signed into law Tuesday.

The amendment states that federal spending could not exceed revenue, except in special cases, such as when the nation is in a war declared by Congress. And it could be suspended only if three-fifths of the members of the House and Senate agree.??

Additionally, Udall's amendment:

• Requires the president to submit a budget each year that is balanced.
• Creates a Social Security lockbox that protects the revenue and outlays of Social Security from any balanced budget requirement.
• Prohibits Congress from providing income tax breaks for people earning over $1 million (adjusted for inflation) a year, unless there are running surpluses. Those surpluses must also not be eliminated if such a tax break were enacted.

Other sponsors are Sens. Max Baucus, D-Mont.; Ben Nelson, D-Neb.; Claire McCaskill, D-Mo.; and Joe Manchin, D-W.Va.