On the recordDecember 27, 2012
I rise today to discuss our Nation's need to adopt a balanced budget amendment and to bring the Senate's attention to the Alabama Legislature's recent call for Congress to send such an amendment to the States for ratification. This is a thoughtful and well-reasoned resolution. Many other States have made similar resolutions. Our Nation is on the precipice of the most predictable fiscal disaster in our history and Congress has failed to act to remove the danger. U.S. gross Federal debt is now over $16.3 trillion; U.S. debt per person is over $53,000, higher than that of Greece; and for the fourth straight year, our Nation's deficit will exceed $1 trillion. The Federal Government cannot continue spending more than it takes in, and the people of Alabama clearly know that. The American people understand the necessity of living within one's means and balancing budgets. We see that as American families across the Nation are working to pay off their debt. In fact, American families have improved their balance sheets by reducing their outstanding credit card debt by 17 percent since 2008, over $150 billion. The people expect no less of their State governments. Forty- three of the 50 States, including my home State of Alabama, have balanced budget requirements. Unfortunately, as States and families across the Nation cut spending and balance budgets, the Federal Government continues to spend more and has increased its debt by more than $4 trillion since 2008.…
