Kleinschmidt Calls for Balanced Budget Amendment to the U.S. Constitution
In light of ever-increasing deficit spending and repeated increases of the national debt ceiling, State Representative Tim Kleinschmidt (R-Lexington) joined other members of the Texas Conservative Coalition (TCC) in support of Governor Rick Perry’s call for a federal balanced budget amendment to the United States Constitution.
Rep. Kleinschmidt stated, “While the national debt and deficit have been growing precipitously for years, the recent explosion of new spending has America on a perilous course. The current Administration and Congress are spending this nation deeper and deeper into debt without regard for the future generations of Americans who will have to pay the bill for Washington’s spending spree.”
In 1989, federal outlays totaled $1.1 trillion; in 2008, not even twenty years later, federal outlays nearly tripled to $2.97 trillion.
Just this month, the Congressional Budget Office (CBO) projected “that if current laws and policies remained unchanged, the federal budget would show a deficit of $1.3 trillion for fiscal year 2010.” The CBO also projected that the “budget picture remains daunting, with deficits averaging about $600 billion annually through 2020.”
As of January 20, 2010, the United States national debt stands in excess of $12.3 trillion, which is rapidly approaching the newlyraised debt limit of $12.39 trillion. Now, less than one month after the last increase in the debt limit, the United States Senate is currently considering another increase to $14.29 trillion.
Rep. Kleinschmidt continued, “A balanced budget amendment to the Constitution is the best recourse we have to force fiscal responsibility on the part of the federal government. It is time that citizens take away the credit card and constitutionally require that each year of federal spending be limited to that year’s estimated revenue.”