Boehner Backs Balanced Budget Amendment to Help Set Spending Restraints in Stone
Next week, the House will consider a balanced budget amendment to the Constitution. As a long time supporter of a balanced budget amendment, Speaker Boehner said today that:
“I’ve told the president that his debt limit increase can only pass the House if it includes spending cuts that are larger than the increase in the debt limit, that there are no tax increases attached to this, and that serious reforms have to be enacted to restrict future spending. And I can’t think of anything that would do more to ensure such spending restraints are set in stone than implementing a balanced budget amendment to the Constitution….
“So we need to stop the Washington spending binge and help create a better environment for long-term job growth. A Balanced Budget Amendment will help us do that. A Balanced Budget Amendment will help ensure that the cuts that we make today are locked in for the future. And a Balanced Budget Amendment will also give private-sector job creators real certainty about what the future fiscal picture looks like from here in Washington. I’ve long been a supporter of the Balanced Budget Amendment. And I hope the president and Democrat leaders will join us in making sure that we can pass this and send it to the states.”
Economists say that restraints on future spending by the federal government, like a balanced budget amendment, would impose needed fiscal discipline on Washington and help create a better environment for private-sector job growth. Diana Furchtgott-Roth, an adjunct fellow at the Manhattan Institute and chief economist of the U.S. Department of Labor, penned an op-ed today supporting a balanced budget amendment:
“A balanced budget amendment would impose spending discipline, and would protect the American economy against the down-to-the wire bargaining over spending and taxes that is a habitual feature of our budget process....
“Additional certainty about fiscal policy would make investment and consumption decisions easier, and would facilitate economic growth and job creation. With unemployment at 9.2 percent, after cumulative deficits of trillions of dollars, we clearly need another path.
“What we've seen since World War II is that the government is profligate and incapable of disciplining itself when it comes to spending. It writes laws that lead to increased spending over time without further congressional action, so-called entitlements such as Medicare and food stamps....Most members of Congress were elected on a platform of spending cuts, although not all had the same cuts in mind. Why wait until we lose our AAA credit rating? Some form of balanced budget amendment would improve the budget process and put spending on a lower path.”
The American people are demanding that Washington cut spending, and House Republicans are listening.