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America Needs a Balanced Budget

Rep. Barry Loudermilk (R-GA) today issued the following statement after voting in favor of Rep. Bob Goodlatte’s (R-VA) balanced budget amendment to the U.S. Constitution, H.J.Res. 2:

“Americans are frustrated with massive federal spending, huge deficits, and an out of control national debt. Today, Congress was given the opportunity to change course and put the federal government on the path to fiscal responsibility by passing a balanced budget amendment. Unfortunately, House Democrats rejected this idea, blocking passage of this measure. Although 85% of Americans say they support a balanced federal budget, House Democrats chose to continue the status-quo of limitless spending, further increasing our $21 trillion debt.

“Even though this Constitutional amendment did not pass, Congress still has the power to reduce spending and address the debt by passing a balanced federal budget. In the coming weeks, the Republican Study Committee (RSC) will again introduce a balanced federal budget, as we have done over the past several years. When this legislation comes to the floor, I call on all my colleagues to support the RSC budget, and show the American people we are serious about our nation’s financial stability, and our children’s future.”

Summary of the balanced budget amendment (H.J.Res. 2):

• The federal government cannot spend more money than it takes in without a three fifths vote of each chamber of Congress.
• Requires a three-fifths vote of each chamber to increase the debt limit.
• Congress is authorized to waive these requirements when a declaration of war is in effect.