Congressman Erik Paulsen outlines his case for a federal Balanced Budget Amendment in a guest blog for the conservative True North site.
He says the “$14.7 trillion debt is not a Democrat problem, nor is it a Republican problem — it’s an American problem, and we’re all going to have to start speaking out in order to do something about it.”
A balanced budget would force the federal government to spend within its means, he says:
“This initiative won’t be easy. It will take work, and it will be a bipartisan effort to put our economy back on track. But, with some effort, confidence will [be] restored in the markets, businesses will create more jobs and Americans will get back to work.
“Our debt crisis is a legitimate threat to our nation’s security and future. A nation that does not control its debt does not control its destiny. In order to give our children and grandchildren a secure future and economic stability, we need to balance the budget.”
Most think it’s unlikely that Congress will pass the measure, which needs two-thirds support to move on to the states. And some conservatives, like Rich Lowry, the editor of National Review, don’t think it’s necessarily the right solution:
The current threat to the country is historic deficits driven by historic levels of spending. Favoring the balanced-budget amendment does nothing to address those problems in the here and now. Realistically, building the coalition necessary to pass the amendment as envisioned by Republicans would take years, by which time it will be gloriously irrelevant or altogether too late.