Statement in Favor of Balanced Budget Amendment

Mr. Speaker, I rise in favor of this legislation.  The federal government is currently borrowing close to forty cents of every dollar that it spends.  Our $15 trillion national debt has grown to be as large as our entire economy.  One of the most important actions that Congress can take, to restore fiscal sanity to Washington for generations to come, is to adopt a balanced budget amendment to the United States Constitution. 

I have cosponsored a version of a balanced budget amendment every session since being elected to Congress, including the measure that we are debating today (H.J. Res. 2).  This proposal would impose a similar requirement for annually adopting a balanced budget, as currently exists in 49 states, recognizing a common-sense exception for defense under limited circumstances. 

The idea of a balanced budget amendment is not new.  One of our founding fathers, Thomas Jefferson, was a strong proponent of the idea.   More recently, in 1995, following passage by the United States House of Representatives, the United States Senate came within one vote of sending this version of the balanced budget amendment to the states for ratification.  Since then, our total national debt has nearly tripled.   
 
A balanced budget amendment to the Constitution will help to restore fiscal integrity in Washington, boost confidence in the American economy, and stop Washington’s practice of saddling future generations with insurmountable levels of debt.  The adoption of a balanced budget amendment has the strong support of the overwhelming majority of Americans.  Our constituents get it – we can’t continue to spend money we don’t have.  It is time for Washington to get it and heed the will of the American people.  We should pass this legislation and thereby allow our nation’s state legislatures the opportunity to ratify this common-sense addition to our Constitution.