On the recordMarch 16, 1994
I might add that it did not prevent West Virginia from being left several years ago with a $500 million in the red, lack of bank account when the Governor went out of office. And the only way, incidentally, it got back was with some courageous steps and efforts to cut spending and raise taxes, both unpopular measures. But notwithstanding that, the point is, is it not, that if we want a balanced budget amendment that mirrors what the States have done using their experience, that every State, including the ones that were surveyed, and I believe 50 States were surveyed by the General Accounting Office which had balanced budget requirements focused largely on the operating or general funds, every State has some sort of capital investment program, whether it is a capital budget itself or indeed the ability to borrow and thus issue bonds, which in itself in servicing that debt is a capital budget? is that not the case?
Source
govinfo.gov
