Recently, a group of Congress members introduced legislation that would require the federal government to rein in spending and balance its budget.
The resolution, H.J.Res. 113, introduced by U.S. Reps. Ron Estes (R-KS), Jodey C. Arrington (R-TX), Rudy Yakym (R-IN), Tim Burchett (R-TN), Jeff Duncan (R-SC), and Jake Ellzey (R-TX) would balance the budget based on a three-year rolling average of revenue, and would establish a gradual 10-year transition to balanced budget.
“Our country borrows about $90,000 per second, each American is on the hook for $100,000 of debt and between January and October of this year our national debt is expected to increase from $34 trillion to $36 trillion,” Estes said. “These numbers aren’t overblown talking points, they’re undisputed facts that are detrimental to the health and safety of our nation. In the last three decades, our debt has exponentially increased more than 600 percent.”
The law makers said the resolution would allow for fluctuations that occur over various business and economic cycles, while allowing for a transition that allows for deficits in times of emergency
“With $34 trillion in debt and a sovereign debt crisis looming on the horizon, the fiscal health of our nation is in rapid decline. If past is prologue, Congress will not demonstrate the political courage necessary to rein in spending and reduce the debt, which is why I introduced the Business Cycle Balanced Budget Amendment,” said Arrington, the House Budget Committee Chairman, said. “This legislation offers a strategic approach to balancing our budget while providing flexibility for inevitable economic down cycles. If ratified, this amendment would force the federal government to operate responsibly like every American business or family and live within our means.”