Cornyn, Hatch pushing balanced budget amendment in debt ceiling deal

Their proposal has gained support within the Republican caucus, but Senate Democrats have not yet signaled they would include it in any package that raises the debt ceiling above the $14.3 trillion level set by Congress last year. The Obama administration has said the U.S. could hit the $14.3 trillion debt level as soon as March 31, and they are pushing Congress to raise the limit soon. As of Friday, federal debt subject to the limit stood at $14.008 trillion.

The Hatch/Cornyn plan would, among other things, mandate total budgetary outlays for any fiscal year not exceed revenues; cap federal spending at 20% of GDP; prohibit revenue raising moves that aren’t approved by two-thirds of the House and Senate.