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February 11, 2013


GOP Renews Push for Balanced-Budget Amendment

"Frustrated by the months of non-stop budget fights, Senate Republicans are set to mount a fiscal counteroffensive this week with the reintroduction of a balanced-budget amendment," National Review reports.

"According to a Senate GOP aide, the legislation would cap federal spending at 18 percent of GDP. It would also require a supermajority for tax hikes and debt-limit increases."

Greg Sargent: "Requiring a supermajority on the debt ceiling is the direct opposite of fiscal responsibility: Since the debt ceiling only constitutes authorizing borrowing to pay bills already incurred by Congress, it could set spending by regular majority rule (as it currently does), while requiring a supermajority to borrow the money necessary to pay the bills it racks up. It would make default -- and widespread economic havoc -- more likely."












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