WASHINGTON, DC -- U.S. Senator Richard Shelby (R-Ala.) today introduced legislation proposing a constitutional amendment that would require Congress to have a balanced budget in efforts to reduce the nation’s mounting debt.
Senator Shelby has introduced similar legislation in every Congress since 1981.
“As we enter this new fiscal year, proponents of big government have been reckless with our taxpayer dollars,” said Shelby.
“The 2009 budget deficit will be larger than all budget deficits from 2002 through 2007 combined. More than 43 cents of every dollar Washington spends in 2009 will have been borrowed.”
“With the White House projecting $10.6 trillion in new deficits between 2009 and 2019—nearly $80,000 per household in new borrowing, a balanced budget amendment to the Constitution would break the cycle of deficit spending and ensure that the government does not bankrupt future generations. These estimates do not even include the cost of proposed health care reform, which makes the situation all the more dire,” said Shelby.
If passed by Congress and then ratified by three-fourths of the states, this amendment to the Constitution would require that the total amount of money spent by the United States during any fiscal year, except during times of war, not exceed the amount of revenue received by the United States during the same fiscal year and not exceed 20 percent of the gross national product of the United States during the previous calendar year.