America Needs a Balanced Budget

AMERICA NEEDS A BALANCED BUDGET

Mr. BUCHANAN. Mr. Speaker, I rise today to ask my colleagues to join me in cosponsoring legislation, H.J. Res. 21, which would add a balanced budget amendment to the United States Constitution. The amendment sets the financially responsible goal of balancing the budget by the year 2012.

Currently, the national debt is $8.6 trillion. Each taxpayer's share of that debt is almost $29,000. In fiscal year 2006, over $400 billion of taxpayers' money was spent on interest payments to the holders of the national debt.

Last year the interest paid on the national debt was the third largest expense of the Federal budget. The debt is increasing by over $1 billion every day. Our economy is ready for us to set this important priority.

Last year alone Federal revenues increased 11.8 percent. Receipts this year have grown by 8 percent so far in the first quarter compared to last year in that first quarter. Forty-nine out of 50 States, including my home State of Florida, currently have a balanced budget. It is time that we follow the lead there and balance the budget for the country.

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