|Time to bring up a Balanced Budget Amendment to the Constitution|
|News Releases - Business, Economy & Finance|
|Written by Grassley Press|
|Thursday, 30 June 2011 12:16|
Statement by U.S. Senator Chuck Grassley
Ranking Member of the Committee on the Judiciary
Wednesday, June 29, 2011
Balanced Budget Amendment to the Constitution
The federal budget deficit is 15 times bigger today than it was in 1997, the last time there was a vote in Congress over a balanced budget amendment to the Constitution. It’s time to bring it up again.
Voters sent a clear message in the last election that they want government spending reined in. They know it’s morally wrong to make the next generation pay the bills for the way we live today, and that the problem isn’t that people are taxed too little but that Washington spends too much. In fact, history tells us that an increase in taxes will only fuel more government spending. Since World War II, Washington has spent $1.17 for every dollar in tax increases, so tax increases have proven to be a license for Congress to spend more money.
State-level requirements for balanced budgets work and serve an important purpose. A balanced budget amendment to the U.S. Constitution is the kind of serious spending reform needed for the sake of America’s fiscal well-being.
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