Economy
9:29 am
Wed November 6, 2013

MI lawmakers want balanced federal budget requirement

LANSING, MI (AP)--   A committee in the Michigan Senate has voted to urge Congress to convene a constitutional convention to require that the federal budget be balanced. 

The resolution sent to the Senate on Tuesday would join Michigan with at least 17 other states that have passed a measure calling for a balanced budget convention.

Thirty-four states are needed to convene the convention.  Thirty-eight states would have to vote to adopt the balanced budget requirement for it to take effect.

Republicans voted for the resolution while Democrats opposed it.

Supporters say Congress has been fiscally reckless and Congress may be motivated to do something if more legislatures act. Critics say the measure would harm the economy.

Exceptions to balanced budgets could be made for a "national emergency."