Today, Congressman John Yarmuth (KY-3) announced he would oppose the forthcoming Republican balanced budget constitutional amendment to be debated on the House floor tomorrow morning. The proposal -- H.J. Res 2 - would cut $1.2 trillion from Social Security and limit our ability to invest in large-scale infrastructure projects that require long-term financing. At the same time, Yarmuth announced his support of an alternative balanced budget constitutional amendment that would help end deficit spending more responsibly while protecting Social Security, preserving long-term investments, and ensuring the federal government can respond during domestic emergencies and economic crises.
"The Republican leadership is bringing to the House floor a reckless Balanced Budget Amendment that raids the Social Security Trust Fund and handcuffs our ability to respond to emergencies and invest in critical national needs," said Congressman Yarmuth. "I strongly oppose this measure and have cosponsored an alternative constitutional amendment that balances the federal budget while preserving Social Security benefits and ensuring that we advance and invest in national priorities."
Yarmuth has cosponsored H.J. Res 87 -- a balanced budget amendment introduced by Congressman John Carney (DE-AL). This amendment sharply differs from the Republican measure coming to the House floor tomorrow.
H.J. Res 87 will:
* -Ensure that the Social Security Trust Fund cannot be used to make up for shortfalls elsewhere in the budget.
* -Guarantee that major infrastructure projects and other capital investments will not be subject to budget enforcement provisions.
* -Provide for emergency funding in the event of economic recession, declared war, or imminent national security threat.