A balanced budget amendment is simply a constitutional rule that would require the government not spend more than its income. It would require a balance between the projected receipts and expenditures of the government. If we would have had this requirement over the years we would not be faced with a $14.5 TRILLION DOLLAR DEFICIT that by August will undoubtedly be raised to $16.5 TRILLION.
Balanced budget provisions have been added to the constitutions of most U.S. states and also to the constitutions of countries like Germany and Switzerland. In case you haven't seen it in the news media lately, Germany is the MOST FINANCIAL SOUND country of ALL the countries in Europe.