David Levy: “with the Nation drowning in a sea of red ink, the debate in which we engage this afternoon may be the most important…”

“with the Nation drowning in a sea of red ink, the debate in which we engage this afternoon may be the most important discussion that we have in this Congress. And I hope that the American people are watching, Mr. Speaker, because today we find out who has been sincere--and who has not--when they said that the Government spends too much. This is the day in which we learn who thinks that, like every American family, the Government should stop borrowing to finance day-to-day operations except in extraordinary circumstances. It's the day on which we learn who believes that the Federal Government ought to conduct itself like 90 percent of our States have to--by balancing their books every year and reducing spending levels so as not to exceed the moneys that are available. Now, many people will come to the floor today to say that we don't need a balanced budget amendment. It's OK, they say, to routinely spend more money than we have. And apparently, they do believe that. We need a balanced budget amendment. It's the only way that we will reduce the deficit that Congress has created.”