Senate set to vote on balanced budget amendments

Including the Bill of Rights, the Constitution has been amended only 27 times, the last time in 1992 with an amendment concerning congressional pay increases. Amendments require two-thirds majorities in both the House and Senate and then must be ratified by three-fourths of state legislatures.

Forty-nine states — all but Vermont — have some form of balanced budget requirement. These generally apply only to operating budgets, allowing states to borrow for long-term capital investments. Cuts to the federal spending resulting from a balanced budget mandate could reduce federal grants to the states, making it harder for them to meet their budget goals.

The federal government has balanced its budget only six times in the past half-century, four times during Bill Clinton's presidency.