If you believe as I do in smaller government and lower taxes, and that Congress should focus on balancing the budget and reducing the national debt, then you will support my efforts to amend the constitution to require a balanced budget amendment.
In 2009, we passed a trillion dollar stimulus package, a $410 billion omnibus appropriations bill and a $3.2 trillion dollar budget that that will triple the debt held by the public over ten years. That is more debt than in the entire history of the United States.
The money we borrow today will be paid for by future generations. We need to stop borrowing from China to spend more than we receive in revenues. It is morally wrong to leave our children and grandchildren with a staggering national debt.
Changing the way we do business in Washington includes eliminating wasteful spending and balancing the budget without raising taxes.
Neither party is immune to runaway spending. Congress has balanced the federal budget just five times in nearly 50 years.
A balanced budget amendment is a common sense measure that would force Congress to make the tough decisions necessary to spend wisely, save taxpayer dollars and help ensure the financial security of our children and grandchildren.
49 out of 50 states, including Florida, have balanced budget requirements. Cities, counties and states all routinely balance their budgets. Working families and small businesses know they can’t spend more than they take in. But the federal government borrows and spends with no regard to whether we can afford it.
The Buchanan Balanced Budget Amendment (H. J. Res. 43) would amend the Constitution to require Congress to balance the budget by 2014. It requires: a three-fifths majority to vote for any increases in the debt, the President submit a balanced budget to Congress, and that any legislation to increase revenue must be passed by a true majority of each chamber – not just a majority of those present and voting. Exceptions to these provisions are provided in times of military conflicts and natural disasters.
To win passage, the amendment would have to clear both the U.S. House and Senate by two-thirds margins and then be ratified by three-fourths of state legislatures. But by working together we can achieve this goal.
Our economy is in trouble. We all know that we are in a recession. Therefore, Congress needs to enact legislation that will help get the economy moving again. However, that legislation must be enacted in a responsible, meaningful manner, not in a rush to pass legislation that increases our national debt to an unsustainable level, and certainly, we should not pass legislation that we have not had the time to read.
We can't continue to pass legislation to bail out industries, such as the auto industry, when we know that such legislation is a bad deal for the American people. Rushing to pass a federal bailout for an industry unwilling to fix itself was a poor investment for the taxpayers.
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I introduced the Buchanan Balanced Budget Amendment to require a balanced federal budget and cosponsored legislation to make the tax cuts permanent. Furthermore, I believe strongly in our free enterprise system and less government interference in the private sector.
I am a businessman. I know what makes a strong economy and I also know what will harm our economy - higher taxes, more regulations and ballooning deficits will ensure that our economy continues to struggle. We need to make the tax cuts permanent, balance the budget, reduce the deficit, and give American businesses an opportunity to get back on their feet without the interference of the American government.
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There is no doubt that Congress needed to take action to deal with the economic crisis. But it is important that any legislation enacted lead the way out of the crisis, not add to it.
We must take steps to eliminate unnecessary spending. State and local governments can't spend more money than they have. The American people know that they must live within their means or cut back on their spending. The federal government must do the same.
I introduced legislation to reform the way federal dollars are targeted to congressional districts. My bill would ban last-minute, backroom deals that waste taxpayer dollars and erode public confidence in Congress. It would also give the President a constitutional line-item veto to reduce spending and prevent abuse.
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