On the recordFebruary 26, 1997
I agree with my friend from Utah. Alan Greenspan, who is the hero of many on the Republican side of the aisle--indeed, when we say the President's policies have brought us millions of new jobs and the lowest misery index, they always say it is Alan Greenspan. Alan Greenspan, Republican, opposes this amendment to the Constitution. I will give you another voice, Jean M. Ross of the nonpartisan California Budget Project, wrote that a balanced budget amendment would limit the Federal Government's ability to help States needing economic assistance. I can say to my friend that economic assistance to States is not only needed during the recessions, which my friend thought was a big loophole, but it is certainly needed in times of disaster. If you look at this map, you can see almost the entire country is under some risk for disaster. My friend says we can never balance the budget. He has all these budgets up there. I was glad to see Senator Byrd point out that the biggest deficits occurred in the 1980's in those books because of trickle-down economics, and a huge military buildup. We didn't pay for it.
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