Proposing A Balanced Budget Amendment to the Constitution

Floor Speech

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Mr. FITZPATRICK. Mr. Speaker, on my first day serving in this Congress, I introduced a balanced budget amendment to the Constitution, and I am honored to be cosponsoring the resolution on the floor today.

As I travel back home in my district, I get this question--as I am sure so many of my colleagues do--I am repeatedly asked, why doesn't Congress manage the national budget the same way businesses manage their budget and families manage their budget? Why doesn't Congress follow the same rules that businesses and families do, that we only spend what we generate in revenues?

And it is a good question, Mr. Speaker, which gets us to the need for a balanced budget amendment. One would think that we would not need to amend the Constitution to do what Members of this body should be doing anyway.

This is common sense, Mr. Speaker. But for decades, we have seen the problem perpetuate, which is the responsibility of both parties. I am convinced this is the only mechanism to force this body to balance the budget. We are $21 trillion in debt, Mr. Speaker.

To my friends voicing opposition, we need to be honest about what this resolution does. This resolution does not necessitate any cuts of any kind. It simply requires that the budget balance. A commitment to raising revenues through progrowth economic policies is the answer. And that is what this resolution will force this body to do: raise revenues to offset expenditures on a dollar-for-dollar basis.

Mr. Speaker, prior to this Congress, our economy was sluggishly growing at about 1.6 growth in GDP, which is fiscally and financially unsustainable. We are now well over 2 percent, on our way to 3 percent, and we need to get to 4 percent.

As one of only a handful of CPAs in this Congress, I know that economic growth has three essential components: tax reform, regulatory reform, and a balanced budget. When you balance the books, you create jobs, which leads to more revenue, which leads to an expanding economy, making it easier for us to fund our critical priorities, like serving our veterans, protecting our troops, funding public education, and preserving our environment.

Mr. Speaker, that is what this resolution is about. And that is why I am proud to cosponsor this legislation.

This is common sense, Mr. Speaker. The American people want this by overwhelming margins. We need to get this done for them. It is our moral responsibility.

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