Balanced Budget Amendment +

Freshman Senator Mike lee of Utah has introduced an amendment to the Constitution that would, if passed, ban federal deficit spending unless 2/3 of both the Senate and the House voted to over rule. This amendment is even more ambitious then previous balanced budget amendments because it also limits federal spending to 20% of GDP. Senator lee claims to be a tea partier and he was one of 3 US Senators to vote against extending the Patriot Act.

To be ratified this bill would have to be supported by 2/3 of the House and Senate, and then 3/4 of the states. Does it stand any chance? If not, then is this just a political stunt to make Senator lee look fiscally responsible, when he knows that this wan't happen?