Political Quotes

“Mr. President, a little earlier today the junior Senator from Utah, Mr. Lee, came to the floor to discuss the balanced budget amendment. Under the budget agreement agreed to in Congress in August, both the House and Senate were required to vote on a constitutional amendment to balance the budget before the end of this calendar year. The House has already taken the vote. The measure failed. The Senate still has a responsibility to take it up, which we will do in the closing hours of the session this calendar year. There are at least two proposals before us for a constitutional amendment, and my subcommittee, the Subcommittee on the Constitution, Civil Rights and Human Rights of the Committee on the Judiciary, held a hearing last week asking questions about these approaches to the Constitution. The leading approach on the Republican side comes from both Senators Hatch and McConnell. I am not certain which they will offer or whether the language might change at the last minute, but it would enshrine in our Constitution a disciplinary mechanism to reduce the budget deficit. This has been brought before the Senate and the House before many times. This particular proposed constitutional amendment would: Require that in each fiscal year Federal outlays shall not exceed receipts unless two-thirds of each House votes to waive. It caps outlays at 18 percent of gross domestic product each year unless two-thirds of each House votes to waive.…”