The GOP is hoping to tack a 28th amendment on to the Constitution: one that would mandate a balanced budget. All 47 GOP senators are behind the proposal, which was announced yesterday, but "the whole thing is a long shot," an analyst tells Reuters. Earlier attempts have fallen through, and not one Senate Democrat has backed the idea.
“The framers (of the Constitution) designed the amendment process to be difficult on purpose,” the analyst adds. It requires approval by two-thirds majorities in both the House and Senate, then must be ratified by three-quarters of the states. The proposed amendment would take effect five years after ratification, and would have a few exceptions—for instance, it would be flexible during wartime. It would also require a two-thirds majority in both the House and Senate to enact a tax hike. (Read more Senate Republicans stories.)