NW Atlanta News

Rep. Barry Loudermilk (R-GA) issued the following statement after he re-introduced his Balsnced budget Amendment in the U.S. House, H.J.Res.75: 

“The ongoing debt crisis and recent debt ceiling debate has brought back into sharp focus the importance of a balanced federal budget. The American people recognize the immediate need to address the national debt, as it is rapidly approaching $32 trillion.

“Congress continues to demonstrate a lack of political will to address this issue and to end the downward spiral of unsustainable spending habits. But, it is time for decisive action, which is why I have re-introduced my balanced budget amendment to the U.S. Constitution. This would put the country on track to rein in spending and balance the budget within ten years. If we hope to leave a legacy of fiscal responsibility to our children and grandchildren, this is our path forward.”

Background

· Congress would have ten years to balance the budget. 
· My BBA requires a two-thirds vote in each chamber of Congress to increase federal spending by a specified amount over 18% of GDP of the previous calendar year, or for a specific expense that exceeds revenues. Congress would also have to specify what any deficit spending would be used for.
· The amendment requires a two-thirds vote in each chamber of Congress to levy a new tax, increase the rate of a tax, or raise the debt limit.
· These tough but fair budget provisions will force Congress to get serious about restraining government spending and stop taking more and more money out of the economy to pay for its excessive spending habits. 

Original source can be found here.