Whatever happens when President Obama meets with congressional leaders of both parties at the White House today [July 7], no long-term solution is on the table for the spending habits in Washington that have endangered the prosperity of future generations. With our federal debt exceeding $14 trillionnearly 100% of our gross domestic productfiscal calamity is jeopardizing our standard of living and undermining our national security.
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The American people who will vote on such an amendment understand the basic financial rules that Washington has been breaking. In the real world, if a household brought in $44,000 annually but spent $74,000 by borrowing $30,000 each year to sustain its spending habits, such behavior would be considered reckless and irresponsible.
Nonetheless, the federal government is doing exactly that on an unimaginable scale, running historic deficits in excess of a trillion dollars for three consecutive years and borrowing 40 cents for every dollar spent. Our government has balanced its budget only five times in half a century.
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If Congress increases our national debt ceiling next month without permanent, structural budget reforms, we will signal to taxpayers and bond markets alike that Washington is still in denial. Whatever agreement is reached, everyone will know that future Congresses are not obligated to follow it. As a result, the only way to compel lawmakers to maintain their responsibility forever is a balanced budget amendment to the Constitution.
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A constitutional amendment to balance the budget is imperative if we are to provide continuity of fiscal responsibility, and ensure we never return to the recklessness of the past and present. It's time Congress passed the amendment and gave the statesand "We the People"their say.
