Total federal government outlays shall not exceed receipts unless the excess of outlays is financed exclusively by debt, which initially shall be authorized to be 105 percent of outstanding debt on the date the amendment is ratified. Congress may increase the authorized debt only if a majority of state legislatures approve an unconditional, single-subject measure proposing the amount of such increase. Whenever outstanding debt exceeds 98 percent of the set limit, the president shall designate for impoundment specific expenditures sufficient to keep debt below the authorized level. The impoundment shall occur in 30 days unless Congress designates an alternative impoundment of the same or greater amount. Any bill for a new or increased general revenue tax shall require a two-thirds vote of both houses of Congress — except for a bill that reduces or eliminates an existing tax exemption, deduction or credit, or that “provides for a new end-user sales tax which would completely replace every existing income tax levied by” the U.S. government.
Now, leave aside questions about this tax policy, or about the wisdom of constitutionalizing any tax policy. Do you believe a balanced-budget amendment is a required response to the nature of today’s politics and governance, now that courts neglect to do their duty in enforcing Congress’s adherence to the Constitution’s enumeration of its powers? If so, the compact’s amendment is remarkably resistant to evasion.