Jack Quinn: “as a cosponsor of the Stenholm Bill, I rise today in strong support of a Balanced Budget Amendment to the Constitution.…”

“as a cosponsor of the Stenholm Bill, I rise today in strong support of a Balanced Budget Amendment to the Constitution. The national debt is almost $5 trillion and federal spending consumes more than 22% of the Gross National Product (GNP). In addition, the total interest payment on the national debt amounts to approximately $315 billion in this fiscal year-the largest single item in the budget. Clearly, it is time to take action to restrict out of control government spending. The federal budget deficit is harming our nation's economy. The deficit is stifling economic growth and hurts the potential of new creation. We need to take action to eliminate the deficit. Today, the House will vote on four different constitutional amendments. Of the four measures, the Stenholm/Smith Substitute goes the furthest to control deficit spending. This legislation would amend the Constitution to require that total spending not exceed total receipts in a given fiscal year. The Stenholm Substitute further requires that the President submit, and the Congress approve, a balanced budget unless three-fifths of both the House and Senate vote otherwise. Western New York and all Americans live within their means, the federal government too, should abide by that rule. The only way to relieve the pressures of debt from our children tomorrow, is to make tough choices today. A constitutional requirement for a balanced budget would help end business as usual in Washington.”