The Goodlatte-Walsh Balanced Budget Amendment, H.J.Res.1, is scheduled for a vote the week of July 18th. This is the first time a Balanced Budget Amendment has been scheduled to come to the House floor for a vote since 1995. This amendment is the House-companion to the Senate amendment, which has unanimous support from all 47 Republicans and would require the President to submit a balanced budget to Congress prior to each fiscal year.
The amendment includes three key provisions: (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 and three-fifths vote in order to raise the debt ceiling.
"We are at a crossroads in America," said Rep. Goodlatte. "The fact that Congress is once again debating raising the nation's debt limit shows that we need to cut spending now. Congress has not been restrained by the same realities that American taxpayers face. When you are preparing a budget for your family, you know that you can't spend more than you take in. It's a simple concept but one that Congress has failed to adhere to for far too long. A balanced budget amendment to the Constitution is the only way to ensure that Congress curtails its spending on an annual basis regardless of which party is in control."
"In 1995, Congress came within one vote of passing a Balanced Budget Amendment," stated Congressman Walsh. "At that time, our nation's debt was $4.9 trillion, with annual deficits of $164 billion. Today, our debt is $14.4 trillion, with an annual deficit of $1.65 trillion. This is immoral and unsustainable, and the only way to fix it is to force politicians to live within their means by amending the Constitution."
"Rep. Bob Goodlatte has championed the Balanced Budget Amendment since his first day in Congress in 1993. As a freshman elected to change the way Washington does business, I am glad work alongside him and see this historic piece of legislation come to the floor for a vote. We simply cannot raise the debt ceiling without structural spending reform. The Goodlatte-Walsh Balanced Budget Amendment is that reform."
Congressman Goodlatte and Congressman Walsh are joined by 133 other House Members in support of this Balanced Budget Amendment.