Richard Shelby: “today I am introducing a balanced budget amendment to the Constitution. This is the same amendment which I have…”

“today I am introducing a balanced budget amendment to the Constitution. This is the same amendment which I have introduced in every Congress since the 97th Congress. Over the past 20 years, I have devoted much time and attention to promoting this idea because I believe that the single most important thing the Federal Government could do to enhance the lives of all Americans and future generations is to balance the Federal budget. Mr. President, Alexander Hamilton once wrote that ``* * * there is a general propensity in those who govern, founded in the constitution of man, to shift off the burden from the present to a future day.* * *'' History has proven Hamilton correct. We have seen over the past 27 years, that deficit spending has become a permanent way of life in Washington. During the past three decades, we have witnessed countless ``budget summits'' and ``bipartisan budget deals,'' and we have heard, time and again, the promises of ``deficit reduction.'' But despite all of these charades, the Federal budget has never been balanced, and it remains severely out of balance today. The truth is, Mr. President, it will never be balanced as long as the President and the Congress are allowed to shortchange the welfare of future generations to pay for current consumption.”