Statement on Republican Constitutional Amendment to Require a Balanced Budget
Posted on March 31, 2011
WASHINGTON – U.S. Senator Lamar Alexander (R-Tenn.), chairman of the Senate Republican Conference, today released the following statement regarding the Balanced Budget Amendment to the Constitution unveiled by Senate Republicans:
“When 40 cents of every dollar we spend is borrowed, it’s long past the time that we stop spending money we don’t have and live within our means. The federal government must tighten its belt the same way American families are doing, and requiring that we balance our national budget is a logical step in that direction.”
Note: The Balanced Budget Amendment to the Constitution – co-sponsored by every Senate Republican – would require the president submit and Congress pass a balanced budget each year, cap federal spending at 18 percent of gross domestic product (below the 25.3 percent proposed in President Obama’s 2012 budget), and require a two-thirds vote of the House and Senate to raise taxes. The proposal relies heavily on constitutional amendments introduced earlier this year by Senators Orrin Hatch (R-Utah) and John Cornyn (R-Texas) and Senators Mike Lee (R-Utah) and Jon Kyl (R-Arizona).