Chet Edwards: “I rise in strong support of the Stenholm balanced-budget amendment. I would like to specifically address four of the key…”

“I rise in strong support of the Stenholm balanced-budget amendment. I would like to specifically address four of the key arguments I have heard today used against this amendment. First, the opponents say we have to have the ability to spend and to have deficits and recessions. They are basically referring to the philosophy of that economist, John Maynard Keynes. The problem is the opponents to the balanced-budget amendment forget the other half of what Mr. Keynes had to say. And that is in good times we are supposed to not have a deficit, you are supposed to have a surplus in the budget. They want to have their cake and they want to be able to eat it too. They want to have deficits and recessions, but they do not want to have to make the choices necessary to have a balanced budget or surpluses in good times. You cannot have it both ways. The second argument the opponents to a balanced budget amendment make today is that all we have to do is make tough decisions. Well, they have been saying that for 25 years. For a quarter of a century people have been coming down to this well and telling the people of America. 'All we have to do is make tough decisions to balance the budget.' It has not happened. That is the reality, not the theory. Why has it not happened? I do not think it is because everybody in this body wants to have a deficit or to spend our children's money. I think it is a flaw in the process.”