"...wants to create a constitutional requirement that would impose across-the-board spending cuts when revenue falls short..."
We have a similar thing here in Colorado - Tabor.
The state and local govts hate it with a passion. Just say Tabor to a liberal bureaucrat and watch the fireworks. They are required to the voter's permission to raise taxes -- darn! Sort of a bureaucracy for the bureaucrats.
It has restrained spending to a point where we don't have a budget crisis now when the economy is slow. And when the economy is good, we get a nice refund.
Ironically, most of the ballot issues to raise taxes have passed. And still they complain.
My main problem with that little "reform" proposal is that it also includes another $10 Billion in borrowing over the next 15 years. It's one of those omissions that infuriates me.