U.S. Congressman Jim Cooper (TN-05) voted today in favor of a Balanced Budget Amendment to the Constitution. The bill (H.J. Res. 2) failed to reach the two-thirds majority of the House needed for passage. The bill would have mandated that total spending not exceed revenues in a fiscal year.
"Our debt grows by $14 billion every day. That's $164,000 a second," Cooper said. "I'm disappointed that Congress still isn't taking this problem seriously. Congress must find the courage to make the tough choices to get our debt under control."
The bill would have required a three-fifths "supermajority" of both the House and Senate to authorize specific spending -- including military -- exceeding revenues in a fiscal year. The bill would have also prohibited any revenue increase without a majority vote of the House and Senate.
Cooper has long supported balancing the federal budget and has co-sponsored legislation, including this bill, to create a Balanced Budget Amendment. Cooper spoke in favor of the bill on the House floor yesterday.