King Calls for Balanced Budget Amendment to the U.S. Constitution

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In light of ever-increasing deficit spending and repeated increases of the national debt ceiling, State Representative Phil King (R-Weatherford) 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.

King 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 beyond this year, with deficits averaging about $600 billion annually from 2011 through 2020.”

As of January 20, 2010, the United States national debt stands in excess of $12.3 trillion, which is rapidly approaching the newly-raised 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.

King continued, “The federal government is squandering the prosperity of our nation and mortgaging the futures of our children and grandchildren. The spending and fiscal practices of Washington will bankrupt our nation unless decisive action is taken.”

In response to a letter that Gov. Perry sent to legislators calling for a balanced budget amendment, King and other TCC members stated:

“Federal spending is unsustainable, potentially ruining the country’s long-term fiscal stability and weakening our economy. Yet, President Barack Obama, Senate Majority Leader Harry Reid, and Speaker of the House Nancy Pelosi will continue with their profligacy until the Constitution clearly and directly mandates a balanced budget.”

King continued, “Amending the Constitution for this reason is a serious step, but it is imperative. A balanced budget amendment to the Constitution is the best recourse we have to force fiscal responsibility on the part of the federal government.”

He concluded, “The federal government has proven that it cannot be trusted to be wise and prudent stewards of our tax dollars. 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.”