Now if it had read, "The Federal Government shall not spend more than it's income," THAT would be something to cheer about.

ETA: I guess it did:

The U.S. House is poised to vote on H.J. Res. 2, a constitutional amendment requiring a balanced budget. The measure would amend the Constitution to mandate that Congress only spend the money it takes in each year. U.S. involvement in war or a vote with the support of three-fifths of the U.S. House would override the balanced budget requirement. C-Span

SEC. 301. REQUIREMENT THAT A BALANCED BUDGET AMENDMENT BE SUBMITTED TO STATES. (a) IN GENERAL.—The Secretary of the Treasury shall not exercise the additional borrowing authority provided under subsection (b) until the Archivist of the United States transmits to the States H.J. Res. 1 in the form reported on June 23, 2011, S.J. Res. 10 in the form introduced on March 31, 2011, or H.J. Res. 56 in the form introduced on April 7, 2011, a balanced budget amendment to the Constitution, or a similar amendment if it requires that total outlays not exceed total receipts, that contains a spending limitation as a percentage of GDP, and requires that tax increases be approved by a two-thirds vote in both Houses of Congress for their ratification.

Originally posted by OldCorp
Now if it had read, "The Federal Government shall not spend more than it's income," THAT would be something to cheer about.

ETA: I guess it did:

The U.S. House is poised to vote on H.J. Res. 2, a constitutional amendment requiring a balanced budget. The measure would amend the Constitution to mandate that Congress only spend the money it takes in each year. U.S. involvement in war or a vote with the support of three-fifths of the U.S. House would override the balanced budget requirement. C-Span

edit on 11/18/2011 by OldCorp because: (no reason given)

"I’m concerned that this version [of the balanced budget amendment] will lead to a much bigger government fueled by more taxes. Spending is the problem, yet this version of the BBA makes it more likely taxes will be raised, government will grow, and economic freedom will be diminished. Without a limit on government spending, I cannot support this Amendment."