I would rather have:
A Balanced Budget Amendment with Term Limits.
That's a dangerous thing if implemented improperly. The Dems would just keep raising tax rates to cover their insatiable spending behavior. There is only so much blood to squeeze from a turnip. The better approach is to clearly define GDP and limit revenue collection to 18% of GDP AND limit spending to 95% of revenue collection. It would still take years to reduce the debt back to zero. The financial bloodletting needs to be reined in.