Press Releases

Rep. Barry Loudermilk (R-GA) issued the following statement after he reintroduced his balanced budget amendment, H.J.Res. 40:

“As our national debt continues to increase at an alarming rate, Americans grow increasingly weary of the federal government’s inability to operate within its means. Congress has proven over the past two decades that it no longer has the political will to reduce its excessive spending – and unless we want to bury our kids and grandkids underneath a mountain of debt, we must force fiscal responsibility through a Constitutional Amendment. A recent poll done by the Peter G. Peterson Foundation found that seventy-one percent of Americans agree that the national debt is a bipartisan issue, and that the debt should be a top priority for the president and Congress, which is why I have re-introduced my balanced budget amendment that aims to balance the federal budget within ten years. We must get our fiscal house in order, so we can continue to meet our financial obligations for generations to come.”

Summary of H.J.Res. 40:

• This Constitutional amendment would take effect in the tenth fiscal year after ratification, giving Congress and the economy an on-ramp to rein in spending.
• The BBA requires a two-thirds vote in each chamber of Congress to increase federal spending to more than 18% of GDP of the previous calendar year.
• The amendment requires a two-thirds vote in each chamber of Congress to levy a new tax, increase the rate of a tax, or raise the debt limit.
• These tough but fair budget provisions will force Congress to get serious about restraining government spending, and stop taking more and more money out of the economy to pay for its excessive spending habits.