White House opposes balanced-budget amendment Nov 15 04:17 PM US/Eastern

White House opposes balanced-budget amendment Nov 15 04:17 PM US/Eastern By JIM ABRAMS Associated Press Comments (2) Email to a friend Share on Facebook Tweet this Bookmark and Share WASHINGTON (AP) - The Obama administration says it strongly opposes a balanced-budget amendment heading for a House vote this week, saying it could result in job losses and severe cuts to essential programs such as Medicare and Social Security. The White House, in a statement, says a balanced-budget amendment would force the government to raise taxes and cut spending during economic downturns, accelerating job losses. The House is to vote by the end of the week on a proposed constitutional amendment barring Congress from spending more than it receives in revenues. The vote is expected to be close in the House, but faces a tougher road in the Senate. Amendments must be approved by two-thirds majorities in the House and Senate and be ratified by three-fourths of state legislatures.