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Proposing A Balanced Budget Amendment to the Constitution

Floor Speech

Date: April 12, 2018
Location: Washington, DC
Issues: Economy and Fiscal Government Budget and Spending

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Mr. GIANFORTE. Mr. Speaker, I thank the chairman, and I appreciate his leadership on this critical issue.

Washington doesn't have a revenue problem. Washington has a spending problem, plain and simple, and it is past time we get our fiscal house in order.

The last time the Federal Government ran a budget surplus was about two decades ago. At the time, the economy was growing, unemployment was low, and Republicans controlled Congress. In 1997, Republicans cut spending and taxes, and for the next 4 years, the Federal Government ran a surplus.

Since that time, Washington has failed to live within its means. The national debt stood at $5.8 trillion in 2001. Since then, it has nearly quadrupled to more than $21 trillion.

But this issue isn't just about the numbers. Ultimately, our kids and grandkids will pay for the Federal spending we are not willing to pay for today. We shouldn't force future generations to pick up the tab for Washington's voracious spending appetite.

The sobering truth is that, if we fail to make the necessary spending reforms today, we will face a fiscal crisis. The only way out of such a fiscal crisis would be punishing tax increases and drastic cuts to essential government programs.

It is time we take action to bring fiscal discipline to Washington and avert a fiscal crisis. If you are in a hole, the quickest way out is to stop digging. Amending the Constitution to require a balanced budget is how we quit digging. The amendment will force the Federal Government to face the reality that households and small businesses face every day: you can't spend more than you make.

Let's get on the record here. Should the Federal Government balance its budget? Should it live within its means like hardworking Americans who make tough decisions about how they make ends meet?

The answer is yes, which is why I have cosponsored and will vote for the balanced budget amendment. I encourage my colleagues to vote for this resolution and begin to get our fiscal house in order.

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