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11-18-2011, 01:24 PM   #1
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House rejects balanced budget amendment

Apparently broken clocks are right twice a day........... well at least once
House rejects balanced budget amendment ?
Constitutional amendments must get two-thirds majorities in both houses and be ratified by three-fourths of the states. The last constitutional amendment ratified, in 1992, concerned lawmaker pay increases.

The amendment would not have gone into effect until 2017, or two years after it was ratified, and supporters said that would give Congress time to avoid dramatic spending cuts.

Forty-nine states have some sort of balanced budget requirement, although opponents note that states do not have national security and defense costs. States also can still borrow for their capital-spending budgets for long-term infrastructure projects.

The federal government has balanced its budget only six times in the past half-century, four times during Bill Clinton's presidency.


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