Today the House Committee on the Judiciary passed H.J. Res. 1, a balanced budget Constitutional amendment, which was introduced by Representative Bob Goodlatte in the opening days of the 112th Congress.
Rep. Goodlatte stated, "I am pleased that the Judiciary Committee considered and passed this important legislation. This is the first step to ensuring that the federal government is held accountable and that the money our citizens work so hard to earn is not squandered on wasteful spending and programs."
"We are at a crossroads in America. As annual deficits and the resulting debt continue to grow due to political pressures and dependency on government programs, we can make the tough choices and control spending, paving the way for a return to surpluses or we can allow big spenders to lead us further down the road of chronic deficits." continued Rep. Goodlatte. "A balanced budget amendment to our Constitution will once and for all require Congress to rein in the out-of-control spending."
H.J. Res. 1 is a three part balanced budget amendment. Specifically this legislation would (1) amend the Constitution to require that total spending for any fiscal year not exceed total receipts; (2) require that bills to raise revenues pass each House of Congress by a 3/5 majority; and (3) establish an annual spending cap such that total federal spending could not exceed 1/5 of the economic output of the United States.
In addition to H.J.Res. 1, Congressman Goodlatte introduced another balanced budget Constitutional amendment which simply requires that total spending for any fiscal year not exceed total receipts. This legislation is supported by a majority of the House of Representatives.