Approaching $20 Trillion in Debt, Time for a Balanced Budget Amendment
We are quickly approaching a national debt of $20 trillion in our country, and unfortunately, the federal government has managed to balance the budget only five times in my lifetime.We are quickly approaching a national debt of $20 trillion in our country, and unfortunately, the federal government has managed to balance the budget only five times in my lifetime.
If we continue spending at these levels, we will leave our children and grandchildren with the burden of dealing with a mountain of debt. In fact, each citizen currently owns over $61,000 of our debt – and that number continues to rise as no action is taken. Additionally, borrowing at these levels from foreign countries like China puts the United States in a more vulnerable position at the international level. There is no doubt, Washington has a spending problem that needs fixed – and both sides of the aisle acknowledge this issue.
I believe the best way to rein in the out of control spending and get control of our national debt is to pass a bipartisan Balanced Budget Amendment to the United States Constitution. The idea is simple: American families have to balance their monthly budgets to become financially stable and not go into debt, and the federal government should be required to do the same.
That’s why, in July, I introduced my bipartisan Balanced Budget Amendment with Congressman Henry Cuellar (D-TX). This bill, House Joint Resolution 110, would require the federal government to balance its budget and spend no more than it receives. The only exception would be following a declaration of war or a national emergency, during which Congress could waive the balanced budget requirement with a majority vote in both Chambers. Should any debt be incurred, it must be repaid within 10 years, without exception.
After introducing the bill, I had the opportunity to testify to the House Judiciary Committee on a bipartisan panel along with other Members of Congress who have introduced similar measures regarding the benefits of a Balanced Budget Amendment. While we had different approaches, this hearing demonstrated that Members of both parties in Congress strongly support a balanced budget and recognize how important it is for our country’s future.
I remain committed to passing a Balanced Budget Amendment to ensure economic opportunity and national security for the next generation. To watch the House Judiciary Committee hearing and learn more about the effort for a Balanced Budget Amendment, visit the Committee website here: https://judiciary.house.gov/hearing/need-balanced-budget-amendment/.
Additionally, if you have questions or concerns about any other legislation in the federal government, please do not hesitate to contact my Washington, D.C. office at 202-225-2015, Hilliard office at 614-771-4968, Lancaster office at 740-654-2654 or Wilmington office at 937-283-7049.
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