On the recordNovember 17, 2011
Mr. Speaker, today we begin debate on H.J. Res. 2, the balanced budget amendment. This resolution is similar to the amendment that nearly passed the Congress over 15 years ago. I can only imagine how much improved our current fiscal situation would be today if the amendment would have passed then. In that time, we have seen the national debt increase from just over $5 trillion then to more than $15 trillion now. This rapid rise in public debt endangers our currency and creates deep economic uncertainty. For some of that time, we had a balanced budget; and we did it with a government divided between the political parties. It was not easy to negotiate, but we made it happen. We need to get back to balanced budgets and go further to pay down our debt. A balanced budget amendment will require us to take that action. We cannot endlessly pile up debt. That is a recipe for disaster, and we have to turn things around. To help us accomplish that, we need a constitutional amendment ratified by the American people. ____________________
