U.S. Balanced Budget Amendment?
A balanced budget for the federal government has long had strong popular support among the American people:
With acrid controversy in 2021 about the country hitting the federal debt limit, I wonder if it isn't time to reconsider any option of solving the problem permanently?
Has such public support continued past 2014? Can anyone cite more recent credible polling data on the subject?
Are there summaries of current US politician's statements on the subject?
After the COVID-19 pandemic, there is strong evidence that a balanced budget can be defined more flexibly than zero deficit, for example, using a model like that used in the European Union and the euro area, as demonstrated by statistica.com.
Furthermore, the European approach to balancing budgets in a complex political environment might prove helpful. They committed to a flexible, balanced budget through an international treaty and (for the most part) without requiring a change in organic law like the U.S. Consitution. In large part, the balancing of the budgets in Europe was done through the Stability and Growth Pact and the Fiscal Stability Treaty in 2012.
Like the Europe, several American countries depend on the stability of the U.S. dollar. For example, Panama and Belize rather directly, and Canada indirectly.
Have there been any congressional or executive branch proposals to address fiscal discipline issues impacting the dollar by using an international treaty?