Proposing A Balanced Budget Amendment to the Constitution

Floor Speech

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Mr. BACON. Mr. Speaker, I rise today in support of H.J. Res. 2, which proposes a balanced budget amendment to the Constitution of the United States, and I am proud to be a cosponsor.

For too long, the United States Government has overdrawn its checking account, and we must stop or we leave our children, our grandchildren and great-grandchildren saddled with debt.

In Nebraska, we balanced our budget and even have a cash reserve on hand of around $500 million. This is the Nebraska way, and we need to make it the American way. Our State law forbids the carrying over of a deficit from one year to the next. This has resulted in Nebraska being ranked sixth for best fiscal condition in the Nation.

We need a forcing function that balances the Federal budget like we have in Nebraska. What Nebraska does, so can we with our Federal budget.

While H.J. Res. 2 will require the President to submit a proposed budget to Congress where spending does not exceed receipts, there are some safeguard measures in the event spending would need to exceed revenue. A requirement for a three-fifths vote of both Chambers would be required to raise the debt ceiling, but Congress can waive that three-fifths requirement for any fiscal year the U.S. is engaged in military conflict that causes an imminent and serious military threat to national security and is declared by a joint resolution of both legislative bodies.

If I could balance my checkbook at home, why can't the United States?

If the State of Nebraska can balance their budget and have a cash reserve, why can't the United States?

Mr. Speaker, I urge my colleagues to vote ``yes'' on H.J. Res. 2 to put our great Nation on the path to debt recovery.

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