Balanced Budget Amendment
Current US Debt
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GET FEDERAL SPENDING UNDER CONTROL
WHY WE NEED A BALANCED BUDGET AMENDMENT
Without Constitutional control neither Congress nor the President have the kind of fiscal restraint needed to pass a balanced federal budget every year.
The Texas Association of Business Board has voted that our association supports an amendment to the Constitution that would require a balanced federal budget.
According to The Hill Congressional Blog, the latest Obama budget adds $4.7 trillion to the federal debt over ten years and borrowed money pays for eleven cents of every dollar spent.
What would the amendment do? Simply, such an amendment would require that the United States not spend more than its expected income in a year. Most states, including Texas, and some countries already have written balanced-budget provisions into their constitutions.
Balanced budgets are not impossible. While the United States recorded deficit spending from 1970-1997, the U.S. recorded budget surpluses from 1998-2001. Deficit spending returned in 2002, and the deficit continues to increase dramatically.
There is a Republican-led plan to balance the budget by 2025, but that assumes Republicans can pass budgets that include the spending levels to meet that target date. Of course, there is no guarantee of that.