Today, Congressman David Schweikert (R-AZ) introduced H.J.Res.23, a Balanced Budget Amendment to the United States Constitution, in the House of Representatives:
H.J.Res.23 is an amendment to the Constitution that requires the U.S. Congress to balance its budget every year. It is more stringent on federal spending than any other balanced budget amendment introduced so far this Congress. It caps federal spending at a lower level than others and makes it more difficult for Congress to pass tax increases.
The amendment includes three pillars: (1) requiring a balanced budget for each fiscal year, (2) limiting federal spending to no more than 18 percent of GDP, and (3) requiring a two-thirds vote in both Houses of Congress in order to increase taxes, raise the debt ceiling, or run a specific deficit in a particular year.
"I am pleased to stand along-side my colleagues Senators Lee and Kyl to introduce this balanced budget amendment bill in the House of Representatives. It is clear that Washington has a spending problem and the American people deserve better than a Congress that wastes their tax dollars. The most certain way to reign in this out-of-control spending and demand Washington get its fiscal house in order is to require Congress to balance its budget," said Schweikert.
"During these tough economic times, American families and small businesses are tightening their belts to live within their means. In order to cure the spending binge in Washington that is crushing jobs and threatening America's future, Congress must do the same. We need to demonstrate that we are serious about shrinking the size of government.
"Time and again, Congress has proven it cannot be trusted to spend less than our federal revenue each fiscal year. A strict balanced budget amendment is the only surefire way to keep the federal government accountable to cut the reckless spending and shrink the crippling debt. It is a bold step that holds government accountable to the people. And we can win this fight."
In addition to Senator Lee and Senator Kyl, the Senate Republican Whip, this amendment has received broad support from conservative leaders including Senators Jim DeMint, Rand Paul, David Vitter, Pat Toomey, Marco Rubio and John Thune as original co-sponsors. It has also been endorsed by conservative organizations like the Club for Growth, Americans for Tax Reform, FreedomWorks, and Americans for a Balanced Budget Amendment.