Politics

Balanced budget amendment headed to House floor next Wednesday

A balanced budget amendment will be considered on the House floor next Wednesday, The Daily Caller has learned from a senior GOP source on Capitol Hill.

House leadership gave the amendment its stamp of approval, when House Speaker John Boehner laid out three conditions for any deal on the debt limit to reporters Tuesday. Republican freshmen have been pushing the balanced budget issue for weeks. (Dems: We couldn’t attack Republicans if we agree to Medicare cuts)

“The spending cuts have to be larger than the increase in the debt ceiling,” Boehner said. “Secondly there are no tax increases on the table. And thirdly, we have to have real controls in place to make sure this never happens again. Real controls like a balanced budget amendment.”

The more conservative wing of the Republican caucus latched onto the balanced budget amendment early in the debt limit debate, arguing that it needed to be tied to any debt reduction deal. Supporters argue the amendment would lock in spending cuts for future Congresses.

Rep. Joe Walsh of Illinois, the co-sponsor of the bill, called the current $14.4 trillion debt “immoral and unsustainable” in a statement Monday. “[T]he only way to fix it is to force politicians to live within their means by amending the Constitution,” said Walsh.

The amendment will need a two-thirds majority to pass the House. There’s also a version of the amendment in the Senate. It has the support all 47 Republican senators.