Plans have been created by the American states to amend the constitution so that the federal government has a legislative obligation to implement a balanced federal budget. A balanced federal budget will prevent the state from investing more than it collects from taxation. Because of the fiscal deficit, the United States has continuously had since the 1990s, this has become a challenge for the states.
The reasoning here is that if a plurality of states have a balanced budget implemented and it has succeeded with them, then the same should also be enacted by the federal government and it should be able to run well. This amendment has been prompted by the current debt that the government keeps piling. The states are concerned and have decided to take action and exploit the fifth article of the constitution. As a matter of fact, the states that are on board so far (28 in number) have indicated plans of holding a constitutional convention to discuss the matter.
An amendment to the national budget must be done through an amendment to the constitution rather than a change in federal law. This is due to the fact that the constitution does not explicitly place a cap on the budget and the federal law may not place a cap either since it is subject to the supreme law of the land (the constitution). Additionally, enacting a federal law would be loose since the threshold for changing a law is lower that than of changing the constitution. From this perspective, a different regime with the correct numbers can change the law to suit its budgetary requirements (Wines).
Changes to the constitution are much weightier than changes to the law. They are harder to reverse and thus are preferable for ensuring long-term compliance. Federal laws, on the other hand, are usually flexible and require a lesser threshold to amend or change.
Wines, Michael. Inside the Conservative Push for States to Amend the Constitution. February 2017. Web. 08 February 2017.