Orrin Hatch: “today I am introducing a resolution proposing a constitutional amendment to require that Congress and the President…”

“today I am introducing a resolution proposing a constitutional amendment to require that Congress and the President handle the American people's money more responsibly and balance the Nation's debt and budget. Like the last two Congresses, the entire Republican Conference has cosponsored this proposal. I know the Constitution sets a high threshold for Congress to propose an amendment, but it is critical we do so for three reasons: First, piling up more debt year after year is imposing greater and greater harm to our economy and to our society. Last week, Congressional Budget Office Director Douglas Elmendorf testified before the House Budget Committee, noting that the national debt is expected to swell by another $7.6 trillion--trillion with a T--over the next 10 years. He said: Such large and growing national debt would have serious negative consequences, including increasing Federal spending for interest payments; restraining economic growth in the long term; giving policymakers less flexibility to respond to unexpected challenges; and eventually heightening the risk of a fiscal crisis. He is the Director of the Federal budget office and he said that on January 21, 2015. Just think about that. And he is a Democrat. He has been a very good budget director, as far as I am concerned, and I have enjoyed looking at his analyses over the years. Our Nation is on an unsustainable path and we simply cannot wait any longer to make responsible decisions for our future.…”