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Old 04-05-2011, 08:26 AM
DenvilleSteve DenvilleSteve is offline
Join Date: Nov 2006
Posts: 1,460
Default Re: $400 Billion a year is not enough

Originally Posted by bjkeefe View Post
Incorrect. Three-quarters of the states must ratify, in addition to 2/3 of both houses of Congress. (Article V.)
good to know. and the house and senate go first. So we agree to a one time debt extension in exchange for both chambers of congress agreeing to send a balanced budget amendment to the states. That gets us past the first hurdle. From there we need 38 states to ratify. For every Illinois, there is a Mich, indiana and Wisconsin. I think it is doable.

The amendment is simple. Can't spend more than revenue plus the growth in the money supply. Funding of future obligations like pensions have to be paid for every year. National emergencies are exempt, but have to be agreed to by 60% of the house and senate. Have to fund a rainy day fund that is used to pay for national emergencies.
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