In response to President Obama’s call for more stimulus-style spending, all 45 Republicans yesterday joined in introducing a Balanced Budget Amendment in the Senate.
Under the constitutional amendment — no new idea to Congress, but never successful — prior to each fiscal year, the president would have to submit to Congress a balanced budget that limits outlays to 18 percent of GDP. With limited exceptions, Congress must limit outlays to 18 percent of GDP.
It would also require supermajority votes for tax hikes and debt-ceiling increases.
“With more than $16 trillion of debt, including nearly $6 trillion since President Obama took office, we are facing nothing short of a fiscal crisis. Everyone agrees that our nation is on an unsustainable path, but unfortunately as we saw last night, President Obama is incapable of tempering his appetite for more and more spending,” said Sen. John Cornyn (R-Texas).
The bill also has the support of Americans for Prosperity, Americans for Tax Reform, Council for Citizens Against Government Waste, National Taxpayers Union, National Federation of Independent Business, and the 60 Plus Association.
“The President’s speech Tuesday showed us one thing: he is committed to spending money we don’t have, our children don’t have, and our grandchildren don’t have,” Sen. Tim Scott (R-S.C.) said. “We can’t keep asking American families to foot the bill for reckless spending in Washington, and a Balanced Budget Amendment will ensure a more efficient and effective federal government. States have to balance their budgets and families have to keep their checkbooks in order – it only makes sense the federal government should as well.”