Balanced Budget Amendment
Today the United States finds itself in the throes of a spending driven economic crisis. This fact is undeniable. But just how bad is it? Consider the facts:
• The National Debt has surpassed an unprecedented $15 Trillion dollars
• The House approved a budget that would have put a stop to the Government's out of control spending as well as cutting $6.2 trillion dollars more than the President's budget. The Senate Democrats BLOCKED it.
• The U.S. debt-to-GDP (Gross Domestic Product) ratio has now reached approximately 99.7%
• You don't have to be an economist to understand what is going on. To put this crisis into perspective, it took the presidencies from George Washington to Bill Clinton to amass the same amount of debt that the Obama Administration has racked up in the past 32 months.
• Unsustainable spending and debt are hamstringing the economy and destroying job growth.
Simply put, our economy will not prosper unless we stop spending money we don’t have. Polls show that 95% of Americans believe the deficit is the problem. 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. Americans understand this. In fact, 74% of Americans are in favor of a balanced budget amendment.
Until we put in place a framework, one like Cut, Cap and Balance, to end deficit spending and the rash impulse to tax borrow or pay for the government program du jour, we will continue to imperil the continued economic prosperity.
