Dossier
Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985
Coverage of Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985 in the Nexus archive.
- The national debt is over 100% of GDP and most of Congress is ignoring wishes to rein it in. It’s time to amend the Constitution
The U.S. national debt exceeds 100% of GDP at $31.68 trillion, with projections reaching 175% of GDP in 30 years. Historical data shows economic slowdowns when debt surpasses 90% of GDP, while 36.5% of 2025 individual income taxes will service debt, rising to 50.6% by 2036. Past fiscal controls like the Budget Enforcement Act and Gramm-Rudman-Hollings have failed, prompting calls for a constitutional amendment under Article V.