On the recordNovember 18, 2011
It would be a mistake to believe that a Balanced Budget Amendment to the Constitution will solve all of our fiscal woes. There are no magic answers to what ails us. Fiscal discipline and common sense applied day-by-day, year-by-year are required. A Balanced Budget Amendment to the Constitution would, however, help impose the discipline needed on the taxing and spending decisions of the federal government. It would be a very significant step--perhaps one of the most significant we could take--in repairing our fiscal house. It forces Congress and the President to make choices. If new spending is proposed, other spending must be cut or some other way to finance the new program must be found. A basic principle for individuals, businesses, and other organizations is that one should not spend more than one has to spend, except in extraordinary circumstances. That is common sense. Yet, for too long, that principle has been commonly absent from Washington. This vote on this Amendment is our opportunity to apply this basic idea to the federal government. We should do it now.
