Robert Smith: “there are many Members here in this assembly who do not want a balanced budget amendment to the Constitution. There have…”

“there are many Members here in this assembly who do not want a balanced budget amendment to the Constitution. There have been efforts by the leadership here and in the other body to try to devise a system by which Members can escape, some cover. I think the Wise amendment is a cover amendment for those Members who do not really want a constitutional amendment. I am not suggesting that the sponsors do not. I am suggesting many Members who will attempt to have cover with this amendment are searching for a way never to vote for a balanced budget amendment. Think of this for a moment, Members. Since I have been in Congress for 12 years, the capital long-term expenditure is $2.6 trillion, which is over half of the debt of the Nation of $4.3 trillion to $4.5 trillion. If the gentleman's amendment had been in place, we should have had what we have, $4.3 trillion debt. That is a hole that is not covered by this amendment. That is a hole that is covered by the Stenholm-Smith balanced budget amendment to the Constitution. Can Congress change the Social Security definition? Can they change what is a capital budget? Well, let us see what they have done. They have redefined Gramm- Rudman. They have suspended the budget of 1974 every day on the floor. We declare emergencies to take things off budget. We use the trust funds, the surpluses, we disguise them. And of course, they eliminated the use of five statutes we passed to balance the budget by statute in this Congress.”