All a balanced budget amendment does is makes you have a balanced plan. But that plan can include as much borrowing as you like. And that plan can include overly rosy projections on everything.
It doesn’t make you live within in your means. And what’s the penalty if congress doesn’t reach an agreement on a balanced budget?
In CCB, spending is capped to avoid the simple politician's move to raise taxes. In CCB, if no agreement is reached to balance, automatic across-the-board cuts take place to reach balance.
I don't know what this most recent incarnation has in it yet.
“All a balanced budget amendment does is makes you have a balanced plan. But that plan can include as much borrowing as you like. And that plan can include overly rosy projections on everything.”
Apparently many people don’t realize that. It gives certain republicans a great opportunity for political posturing, though, doesn’t it?
Personally, I'd prefer a constitutional limit on the debt ceiling, with no loopholes, with that limit increasing no more than 1%/year.