The Balanced Budget Amendment

Over the last several months, we’ve watched as Europe suffers the dire consequences of government overspending. Countries like Greece and Italy, burdened by a debt of more than 110% of the size of their economies, are in the midst of severe social and economic upheaval. Europe’s ongoing sovereign debt crisis has left global financial markets reeling and threatens to plunge the world deeper into recession.

Earlier this week, our own country reached a grim milestone: our national debt hit the $15 trillion mark. Our debt has skyrocketed by almost 50% in just the last three and a half years alone, and unless we move quickly to reduce our deficit and control spending, we risk consigning ourselves to Europe’s fate.

Across the country, families and small businesses owners make the difficult decisions necessary to balance their budgets and live within their means. It’s time that our federal government does the same. Tomorrow, I’ll be voting in favor of a balanced budget amendment to the U.S. Constitution.

The balanced budget amendment will require that annual federal expenditures do not exceed revenues. It requires a three-fifths majority in each house of Congress to raise the debt ceiling and includes exceptions in case of national emergency.

We owe more than $48,000 for every man, woman and child in America. Our children and grandchildren are on track to inherit a crushing debt that exceeds 100% of our GDP. Americans deserve better. If passed, the balanced budget amendment will help bring our spending under control and ensure future generations are free of the burden of a massive national debt.