Rep. Loudermilk Testifies on His Balanced Budget Amendment to Rein-in Reckless Spending

Rep. Barry Loudermilk (R-GA) issued the following statement after testifying at a House Judiciary Committee hearing on his balanced budget amendment to the U.S. Constitution:

“Our children and grandchildren do not deserve the burden of debt we are passing on to them. The problem is too great to sit idly by and let the government mortgage our nation’s future by spending money we do not have. It is not too late to stop the bleeding, but we must act now. Today, I spoke before the House Judiciary Committee on my balanced budget amendment; we are one step closer to ending the spending crisis in a responsible way.

“Many states, including Georgia, operate under a balanced budget, and do not spend more than they take in. This responsible approach to budgeting should be mandatory at the federal level as well, especially as our national debt continues to climb toward $20 trillion. That is why I, and other conservatives, have joined together in proposing a much-needed balanced budget amendment to the U.S. Constitution. This ten-year plan gives Congress the time it needs to get its financial house in order and come up with long-term solutions to tackling our out-of-control spending. The time to turn the page on Congress’ reckless spending is now – not later, when our grandchildren are handed the bill.”

Click HERE to watch the full testimony.

Background:
The proposed balanced budget amendment to the U.S. Constitution, H.J. Res 29, would take effect in the 10th fiscal year after its ratification. In addition to the balanced budget provision, this amendment requires a two-thirds vote in each chamber of Congress to increase the deficit or raise federal spending levels beyond 18 percent of the U.S. gross domestic product (GDP) for the previous calendar year.
For more information on H.J.Res. 29, click here.