With the federal government continuing to borrow 42 cents of each dollar it spends and the national debt surpassing $15 trillion this week, Congressman Don Manzullo this past week voted for a Balanced Budget Amendment to the U.S. Constitution to force the federal government to stop its wasteful spending and start living within its means. Unfortunately, the measure failed to receive the required 2/3 of the votes in the House, falling short at 261-165.
Manzullo, a member of the Congressional Balanced Budget Amendment Caucus and an original co-sponsor of the legislation, has been fighting wasteful government spending since he was first elected to office and in fact voted for a Balanced Budget Amendment the last time it was on the House floor in 1995 (it passed the House overwhelmingly but fell one vote short in the Senate).
The national debt has grown from $4.8 trillion to $15 trillion during those 16 years, saddling future generations with more than $10 trillion in debt that could have been avoided had the amendment been enacted in 1995.
“We must act now to reverse the disastrous fiscal future our nation faces, and the Balanced Budget Amendment would finally force Congress to live within its means,” Manzullo said. “The federal government will spend $1.6 trillion more this year than it collects in revenue. We borrow 42 cents of each dollar we spend, and our national debt just surpassed $15 trillion and will surge to $26 trillion the next 10 years on its present course. This out of control spending and borrowing has to stop if we are serious about improving our economy and helping to put Americans back to work.”
The legislation Manzullo supported today would prohibit Congress from spending more than it collects in revenue unless a 3/5 supermajority of both the House and Senate vote otherwise. A supermajority vote in both chambers would also be required to raise the debt ceiling. Under the bill, the President must submit a balanced budget to Congress each year.
If approved by Congress, the Balanced Budget Amendment would be sent to the states for ratification. If ratified by three-quarters of the states, the amendment would take effect the second fiscal year beginning after ratification, or the first fiscal year beginning after Dec. 31, 2016, whichever is later. The measure, however, limits to seven years the time period during which states would have an opportunity to ratify the amendment.
Manzullo, a member of the Congressional Balanced Budget Amendment Caucus and an original co-sponsor of the legislation, has been fighting wasteful government spending since he was first elected to office and in fact voted for a Balanced Budget Amendment the last time it was on the House floor in 1995 (it passed the House overwhelmingly but fell one vote short in the Senate).
The national debt has grown from $4.8 trillion to $15 trillion during those 16 years, saddling future generations with more than $10 trillion in debt that could have been avoided had the amendment been enacted in 1995.
“We must act now to reverse the disastrous fiscal future our nation faces, and the Balanced Budget Amendment would finally force Congress to live within its means,” Manzullo said. “The federal government will spend $1.6 trillion more this year than it collects in revenue. We borrow 42 cents of each dollar we spend, and our national debt just surpassed $15 trillion and will surge to $26 trillion the next 10 years on its present course. This out of control spending and borrowing has to stop if we are serious about improving our economy and helping to put Americans back to work.”
The legislation Manzullo supported today would prohibit Congress from spending more than it collects in revenue unless a 3/5 supermajority of both the House and Senate vote otherwise. A supermajority vote in both chambers would also be required to raise the debt ceiling. Under the bill, the President must submit a balanced budget to Congress each year.
If approved by Congress, the Balanced Budget Amendment would be sent to the states for ratification. If ratified by three-quarters of the states, the amendment would take effect the second fiscal year beginning after ratification, or the first fiscal year beginning after Dec. 31, 2016, whichever is later. The measure, however, limits to seven years the time period during which states would have an opportunity to ratify the amendment.
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