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Public Statements

Proposing a Balanced Budget Amendment to the Constitution

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. GIBBS. Mr. Speaker, as a member of the Balanced Budget Caucus, I rise in strong support of the balanced budget amendment we are going to take up on the House floor today.

I've heard many of my colleagues on the other side of the aisle say this is not the time to take this up, but now is exactly the time we should be taking this up.

In 1995, a balanced budget amendment passed the House with bipartisan support, only to lose by one vote in the United States Senate. Then, the national debt was $4.8 trillion. This week, the national debt hit $15 trillion. We have added $10 trillion to our debt in 16 years. That is $10 trillion in debt that threatens our job growth, our national security and our sovereignty, and our Nation's children. And that's $10 trillion in debt that could have been avoided had the balanced budget amendment passed.

We simply must stop spending money we don't have if we are going to give our economy a chance to grow and create jobs. Past attempts like Gramm-Rudman-Hollings, the Balanced Budget Enforcement Act, and Pay-As-You-Go requirements have failed to bring Federal spending under control. America needs a permanent, long-term solution. We must hold Congress' feet to the fire and pass a constitutional balanced budget amendment today.

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