Buchanan Introduces Bill to Balance the Budget By 2012

Buchanan Introduces Bill to Balance the Budget By 2012

U.S. Rep. Vern Buchanan announced today he has introduced legislation to amend the U.S. Constitution to require a balanced budget. The Buchanan Balanced Budget Amendment Act (H.J. Res. 21) is the first bill introduced by the freshman Congressman who pledged to pursue an agenda of fiscal responsibility.

"Wasteful spending is threatening our future and will unfairly burden our children and grandchildren with debt that is not their own," said Buchanan. "A constitutional amendment will force Congress to make the tough choices necessary to balance the budget for taxpayers today and for future generations."

Buchanan noted that the national debt is $8.6 trillion. Each taxpayer's share of the debt is $28,861. In Fiscal Year 2006, $405.8 billion of taxpayer money was spent on interest payments to holders of the National Debt. Last year, the interest paid on the National Debt was the third largest expense in the federal budget. Meanwhile, the debt is increasing by over a billion dollars every day and yet federal revenues increased 11.8 percent in 2006.

"We don't have a revenue problem," said the Florida Republican. "We have a spending problem. Each year, billions of taxpayer dollars are spent on waste, fraud, and abuse. A balanced budget amendment would force lawmakers to take a hard look at the programs they are funding and hold federal agencies accountable."

Buchanan's bill would balance the budget by 2012. The balanced budget constitutional amendment bill requires: a 3/5 vote for any increases in the debt, that the President submit a balanced budget to Congress, and that any legislation to increase revenue must be passed by a true majority of each chamber - not just a majority of those present and voting. Exceptions to these provisions are provided in times of military conflicts and natural disasters.

Buchanan concluded, "49 out of 50 states, including Florida, have balanced budget requirements. Cities, counties, and states all routinely balance their budgets and so should the federal government. A balanced budget amendment is a common sense measure that will save taxpayer dollars and help ensure financial security of our kids and our kid's kids."

Buchanan has already secured three co-sponsors for the bill, which was introduced this week. They are Congressmen Mario Diaz-Balart (R-FL 25), John Mica (R-FL 7), and Jeff Miller (R-FL 1).

http://www.house.gov/apps/list/press/fl13_buchanan/070202_balance_budget.html