George H.W. Bush: “June 6, 1992 I want to talk to you today about a big idea, a big change in the way your Government works. For the past…”

“June 6, 1992 I want to talk to you today about a big idea, a big change in the way your Government works. For the past 12 years, President Reagan and I have tried to get Congress to act responsibly and restrain Federal spending. We've tried compromise. We've tried confrontation. And we've tried quiet diplomacy with the leaders of Congress. None of this has been enough. And so, my friends, the time has come to take some commonsense action. We must pass a constitutional amendment mandating a balanced budget. For most of our Nation's history, there was an unwritten rule against deficit financing, against saddling future generations with a mountain of debt. But in recent times, we've moved away from that. Now, we're borrowing from the future to pay for indulgences of the present. Our future is at stake. To ensure long-term economic growth, we must get Federal spending under control. I've called for big changes in many areas, reforms in how this Nation's gridlocked capital does business. Right now, we're coming out of tough times. The American people know that budget deficits threaten the long-term economic health of our country. Over the years, we've accumulated Federal debt totalling $65,000 for every family of four. This doesn't create more wealth. It merely helps pay for our current consumption. And that's like taking out a car loan and never buying a car. To make our economic future strong, the balanced budget is where we must start.…”