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Podcast: PRay TeLL, Dr. Hash
Episode: 150 Balanced Budget Amendment
Description: Article I, Section 8, Clause 2 of the Constitution grants to the U.S. Congress the power to borrow money on the credit of the United States. In 1798, a decade after adoption of the Constitution, Thomas Jefferson wrote, “I wish it were possible to obtain a single amendment taking from the Federal Government the power of borrowing.”
A Balanced Budget Amendment is a constitutional rule requiring that the nation cannot spend more than its income. It requires a balance between the projected receipts and expenditures of the government. Other countries, like Germany, Hong Kong, and the Swiss have balanced budg...