Congressman Robert Aderholt (AL-04), today released the following statement in support of H.J. Res. 2, the Balanced Budget Amendment:
"For the first 140 years of our nation's history, except during times of war, the federal government operated a balanced budget," said Aderholt. "However, in 1934 things began to change. Since then, the federal government has only had 12 balanced budgets, resulting in a $15 trillion national debt."
"While Alabama families and small business continue to tighten their belts and live within their means, the federal government is borrowing 42 cents of every dollar spent. Washington is in a spending-driven debt crisis and a balanced budget amendment would require Washington to live within its means from here on out, no excuses, no gimmicks."
"In the past three years alone the national debt has increased a staggering 34 percent. If our economy is to recover and grow, our nation's small businesses are to create sustainable private-sector jobs and our children and grandchildren are to have a prosperous future, the buck must stop here. I am proud to cosponsor this vital legislation and look forward to its passage," concluded Aderholt.
Requires the President's budget submission be balanced;
Requires a super majority 3/5 vote for total spending for any fiscal year that exceeds total revenue;
Requires a super majority 3/5 vote for any future debt limit increase;
Requires a majority vote for any tax increase; and
Includes a waiver for war.
This resolution currently has 242 bipartisan cosponsors also previously passed the House of Representatives in 1995 with 300 bipartisan votes.
Aderholt currently serves as Chairman of the Subcommittee on Homeland Security for the powerful House Appropriations Committee, is a member of the Committee's Commerce, Justice and Science; and Agriculture Subcommittees, and also serves on the Helsinki Commission.