According to a 2011 CNN poll, 74% of Americans favor a balanced budget amendment to the Constitution. Our national debt is rapidly approaching $20 trillion, and with the Congressional Budget Office’s FY16 deficit projection recently being revised up to $544 billion, our budget is headed in the wrong direction. Americans want to see our national debt addressed, and we owe it to them to work hard to pay it off and balance our federal budget. It is time for Congress to find a long-term solution to the government’s out of control spending problem.
That is why I introduced a balanced budget amendment to the Constitution that would take effect in the tenth fiscal year after ratification. This long-term vision will give the economy, federal agencies, Members of Congress, and the nation as a whole, adequate time to prepare for this change. If CBO’s ten-year revenue projections are accurate, the balanced budget amendment would require an average annual spending reduction of a manageable $54 billion– or a 1.3% cut each year. Furthermore, majorities of both chambers of Congress supported the concurrent budget resolution for FY16, which achieved balance within ten years . . . .
In addition to introducing my own balanced budget constitutional amendment proposal, I have co-sponsored House Concurrent Resolution 26. This resolution effectuates the compact being drawn up by the states under your guidance. I commend the Commission for the work it is doing under the compact initiative. The compact is the best means for the states to advance their own balanced budget constitutional amendment proposal. I have taken this action because I recognize that amending the Constitution, by the Founders’ design, is not an easy thing to do. The states need to be given their shot at advancing a balanced budget constitutional amendment because restoring fiscal responsibility at the federal level needs the participation of political forces from outside Washington.
Thank you for taking the time to review my proposal to get our fiscal affairs back on track. I look forward to working with you in the future, including on the compact initiative and House Concurrent Resolution 26.