In an op-ed published today on Foxnews.com, CFIF’s Troy Senik makes the case for a Constitutional Amendment to force Congress to rein in excessive federal spending. Such a Constitutional Amendment is being pushed as part of CFIF’s “One More Vote” project:
If, as expected, a new generation of economic conservatives join the ranks of the United States Congress in the wake of the upcoming midterm elections, they will face a momentous challenge: how to finally deliver on the promises of fiscal restraint that have so often eluded recent Republican majorities.
To do so, they will need to understand how past congressional failures have set us on the road to reckless spending and how dire the consequences will be if we don’t change paths soon.
In 1995, Congress came within inches of passing a Balanced Budget Amendment.
In that moment, we stood on the precipice of long-term fiscal responsibility. But the amendment failed — by one vote.
Fast-forward to the present and it becomes obvious that the fateful decision not to discipline our spending habits has saddled the nation with an unsustainable economic burden. Since the Balance Budget Amendment failed, our national debt has climbed to more than $13 trillion.
By 2020, the total gross federal debt, including liabilities for Social Security and Medicare,– is anticipated to reach 122 percent of GDP. Even without factoring in entitlement obligations, this will translate to a debt burden of more than $170,000 for every American family. …
Senik goes on to note:
If this trend continues unbroken, the United States will find itself poised for the same kind of decline that has beset nations like Greece and states like California. But there’s still a limited window left for us to stave off disaster.
Any serious approach to our economic travails will have to tackle three issues simultaneously: the need for balanced budgets, the danger of tax increases during a time of recession and the prevention of an expansion of the nation’s debt load. The current national consensus for common-sense budget reforms provides leaders in Washington the impetus and the opportunity to address all three.
What’s needed is a Constitutional Amendment requiring 60 percent of the Senate and House of Representatives to vote in the affirmative for any piece of legislation that increases the debt ceiling, raises current taxes or imposes new taxes. The Constitutional Amendment should also require Congress to pass a balanced federal budget annually.
By embracing balanced budgets, these common-sense reforms embrace the legacy of the original Balanced Budget Amendment campaign of the mid-1990s. But they also recognize that balancing the federal ledger is a necessary, but not sufficient, step to getting our fiscal house in order.
Read Senik’s entire piece here.
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