Pete Domenici: “I do not think anybody should assume that the Reid amendment strengthens the budget process of the United States and…”

“I do not think anybody should assume that the Reid amendment strengthens the budget process of the United States and moves us in any way, shape or form toward a real balanced budget. First of all, it makes the system more complex than it is today, and it is plenty complex today. While it purports to deliver a balanced budget, it lacks the enforcement tools to accomplish this result. Now, the Reid amendment, as I indicated, is a very innovative and, some might even say, an exciting way to legislate about a balanced budget. I think it is an exciting way to avoid a constitutional amendment which will direct and force a balanced budget. The Reid amendment only requires 'operating funds'--to be balanced. The Reid amendment would exempt Social Security and capital investments.”