Lateefah Simon: “One of the best things that has happened in the U.S. Senate since I have been here is the election of Paul Wellstone to…”

“One of the best things that has happened in the U.S. Senate since I have been here is the election of Paul Wellstone to the U.S. Senate. I differ with him on this for two basic reasons. No 1, the argument that is made against the balanced budget amendment by those who oppose it is that we can do this, we can balance the budget, without a balanced budget amendment. Therefore, the pain inflicted would, in theory, be the same, whether we have the balanced budget amendment or whether we do not, with one exception. And that exception is this: Every econometric study shows if we pass the balanced budget amendment, we are going to have lower interest rates. If you have lower interest rates, you will have an easier time balancing the budget with a constitutional amendment. If you have lower interest rates, you are going to stimulate investment and employment; you are going to stimulate revenue for the Federal Government, for State and local governments.”