Senate Democrat says he'll support balanced budget amendment

Sen. Mark UdallMark Emery UdallThe 10 Senate seats most likely to flip Democratic presidential race comes into sharp focus Democrats will win back the Senate majority in 2020, all thanks to President Trump MORE (D-Colo.) announced Tuesday that he will co-sponsor a Constitutional amendment requiring a balanced federal budget. 

He is the first Democrat to sponsor such a measure in many years.

Udall is introducing his balanced budget amendment bill with Sen. Richard Shelby (R-Ala.). The bill would require that spending not exceed revenue in any given year.

Udall’s move is being taken as a sign of the unusual momentum deficit hawks enjoy in this Congress compared to previous years. It comes on a day when the Democratic head of the Senate Appropriations Committee, long-time earmarker Sen. Daniel Inouye (D-Hawaii), announced a two-year ban on earmarks in his committee. Udall had pushed for such a ban in the last Congress.

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The Udall bill would also limit federal spending to the historical average of 20 percent of gross domestic product in a given year. It currently stands at 24.7 percent.

Another Democrat, Sen. Claire McCaskillClaire Conner McCaskillMomentum growing among Republicans for Supreme Court vote before Election Day Democratic-linked group runs ads in Kansas GOP Senate primary Trump mocked for low attendance at rally MORE (D-Mo.) also introduced a bipartisan bill Tuesday that would impose a cap of 20.6 percent of GDP on spending after 10 years. That bill does not have the support of other Democrats and is opposed by Senate Majority Leader Harry ReidHarry Mason ReidGraham signals support for confirming a Supreme Court nominee this year Trump signals he will move to replace Ginsburg 'without delay' Senate Republicans signal openness to working with Biden MORE (D-Nev.).

The Udall bill would allow Congress, through three-fifths votes in both houses, to waive the balanced budget requirement. In this way it differs from a rival GOP balanced budget bill, proposed by Sen. Orrin HatchOrrin Grant HatchBottom line Bottom line Senate GOP divided over whether they'd fill Supreme Court vacancy  MORE (R-Utah) with 23 co-sponsors, which would require a two-thirds vote of both Houses to exceed the 20 percent cap or to spend more than is collected in revenues.

A balanced budget amendment would require support from two-thirds of both Houses and three-fourths of the states in order to become part of the Constitution. In 1997, a balanced budget amendment with bipartisan support and fell just shy of the votes needed for passage.

“This amendment would send a strong signal to the financial markets, U.S. businesses, and the American people that we are serious about stabilizing our economy for the long-term,” Udall said in a statement.