Senator Nelson has sponsored a balanced budget amendment and Nelson says his amendment differs from those which have recently been floated in Congress.
“Unlike the other balanced budget amendments we’ve seen and I’ve not supported, our plan will not force cuts to Social Security and Medicare beneficiaries,” Nelson tells reporters during a stop in Lincoln. “These are promises that we’ve made to seniors and I intend to keep them.”
Sen. Mark Udall of Colorado has joined Nelson in sponsoring the amendment which has picked up endorsements from some other senators as well. Debt negotiations signed prior to the Senate leaving Washington on break require that the Senate vote on the legislation.
The amendment requires federal spending to match revenue, except in extreme cases, such as a time of war. Congress could suspend the provision with a three-fifths vote in both the House and Senate. Social Security would be exempt from budget cuts. It wouldn’t force cuts to Medicare to balance the federal budget.
Other provisions in the amendment include one that requires the president to submit Congress a balanced budget annually and prohibits Congress from giving new income tax breaks to those earning more than a million dollars a year, unless the federal government runs a surplus.