|Grassley, Senate Judiciary Committee Members Call for Hearing on Balanced Budget Amendment|
|News Releases - Business, Economy & Finance|
|Written by Grassley Press|
|Friday, 10 June 2011 12:32|
WASHINGTON – Senator Chuck Grassley called on the Chairman of the Senate Judiciary Subcommittee on the Constitution, Civil Rights and Human Rights, Dick Durbin, to immediately begin holding hearings on a balanced budget amendment.
The letter to Durbin, signed by all Republican members of the Senate Judiciary Committee, says that a balanced budget amendment would “put in place a much-needed restraint on runaway Washington spending and protect working Americans from higher taxes.”
“Today of every dollar spent, more than 40 cents is borrowed. Our country is on an unsustainable path,” Grassley said. “It’s time to have an honest and open debate about the fiscal future of our country.”
A balanced budget amendment was last seriously debated in 1997 when the Senate was one vote short of passing the measure. The budget deficit is now almost 15 times greater than in 1997.
Here is a copy of the text of the letter. A copy of the signed letter can be found by clicking here.
June 8, 2011
The Honorable Dick Durbin, Chairman
Dear Chairman Durbin,
Our nation is facing a fiscal crisis that is only getting worse. The national debt, now over $14 trillion, has increased by more than one-third since January 2009. The Congressional Budget Office (CBO) estimates the deficit for the current fiscal year will be approximately $1.4 trillion and the national debt will soon be larger than the economy. The debt also has implications for our national security. Admiral Mike Mullen, Chairman of the Joint Chiefs of Staff, calls the debt "the most significant threat to our national security." Secretary of State Hillary Clinton warns that the debt "sends a message of weakness internationally."
Therefore, we ask that you immediately hold hearings on S.J. Res. 10, which calls for a balanced budget amendment to the U.S. Constitution. S.J. Res. 10 would also put in place a much-needed restraint on runaway Washington spending and protect working Americans from higher taxes. S.J. Res. 10 is supported by 47 Senators and has the support of numerous grassroots organizations.
Undoubtedly, Washington has a spending problem and this problem is getting worse. The budget deficit is now almost fifteen times the size it was when the Senate came within one vote of passing a balanced budget amendment in 1997. A balanced budget amendment is a measure that is long overdue and whose time has come.
The American people are demanding action from Washington to get our fiscal house in order once and for all.
Cc: The Honorable Patrick Leahy
Chairman, Senate Judiciary Committee
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