Committee Approves Balanced Budget Amendment

Committee Approves Balanced Budget Amendment

Washington, D.C. – The House Judiciary Committee today approved a balanced budget amendment (H.J. Res. 1) to the Constitution to restore fiscal responsibility and accountability to federal government spending. The proposal for a balanced budget amendment passed the Committee by a vote of 20-12.

House Judiciary Committee Chairman Lamar Smith (R-Texas) delivered the following statement during the Committee debate.

Chairman Smith: “Since 1960, the annual federal budget has been balanced only six times and the federal deficit has climbed from $300 billion in 1960 to over $14 trillion today.  America cannot continue to run huge federal budget deficits.  Financing federal overspending through continued borrowing threatens to drown Americans in high taxes and heavy debt.

“Polls show that 95% of Americans believe the deficit is a problem and that 65% of Americans are in favor of a balanced budget amendment.  If we want to make permanent cuts to federal spending—cuts that cannot be undone by future Congresses—a constitutional amendment is the only answer.  It is our last line of defense against Congress’s constant desire to overspend and overtax.

“Amending the Constitution is not easy, nor is it a task that should be taken lightly. We’ve only amended the Constitution 27 times.  But America’s continued economic prosperity depends on changing our course on federal spending and growing deficits. We must solve our debt crisis to save our future.”

A copy of H.J. Res. 1 and a full copy of Chairman Smith’s remarks can be found at: http://judiciary.house.gov/hearings/mark_06152011.html