Anna Eshoo: “our substitute provides for the delicate balance which needs to be brought to a balanced budget constitutional…”

“our substitute provides for the delicate balance which needs to be brought to a balanced budget constitutional amendment. It is the only alternative we have today that balances our budget without annihilating our country's and this body's long-standing values, including our commitment to children, the elderly, and long-term investments in infrastructure and schools. This is an enforceable, accountable balanced budget amendment that honors these long-standing values. In addition to requiring a balanced budget by the President and the Congress by 2001, this amendment establishes a Federal capital budget modeled after the capital budgets used by States, permitting the Government to finance long-term capital investments such as roads and schools and requiring that these investments be paid for over their useful lives out of the operating side--not smoke and mirrors. It permits for flexibility in times of emergency such as war and recession, but does not allow for deficit spending whenever three-fifths of this body chooses to deficit spend, as the Stenholm amendment would. Finally, our substitute ensures the integrity of Social Security. This will put an end to the practice of using Social Security surpluses to mask the true size of the deficit and ensure the viability of the program for future generations. Mr. Chairman, this is a tough but responsible balanced budget amendment.”