Pushing for a Balanced Budget Amendment
On August 2, 2011, I was proud to introduce a constitutional Balanced Budget Amendment, S.J.Res.24. We need a common-sense policy that will help pay down the nation's debt and restore fiscal responsibility in Washington. The Balanced Budget Amendment would be one part of that larger policy. The legislation would enact a constitutional amendment directing Congress to balance the federal budget each year. It states that federal spending cannot exceed revenue except in special cases, such as when the nation is in a war declared by Congress. And it could be suspended only if three-fifths of the members of the House and Senate agree. My Balanced Budget Amendment would also create a Social Security “lockbox” to ensure that the Social Security Trust Fund is not raided in order to balance the budget and it would prevent any additional tax cuts for the richest Americans when there is a budget deficit.
The United States has balanced its budget only five times in the past 50 years. Meanwhile, we have racked up a record debt that threatens our future economic leadership. We need to take action now to turn our fiscal situation around and we need to send a powerful signal to financial markets and businesses that the United States is serious about balancing its budget.
If you have further questions about this or any other issue, please contact me with your concerns.
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