Russ Feingold: “Mr. President, regardless of our views on the balanced budget amendment, many of us would like us not only to balance…”

“Mr. President, regardless of our views on the balanced budget amendment, many of us would like us not only to balance the budget, but many of us would like us to establish a statutory balance that can act as a fiscal cushion against unexpected emergencies. In other words, we think we should never project a deficit, but that on occasion we may want to project something of a surplus to make sure there is money there in case there is an emergency or some other urgent spending priority that has to be dealt with, but only on a surplus basis. Now, Mr. President, this is not some idea I cooked up. This is what we do in Wisconsin. It is done in some form in most States. I think it would make good sense at the Federal level. Unfortunately, Mr. President, in its current form, the proposed balanced budget amendment discourages this fiscally responsible tool.”