The current national debt recently topped 15 Trillion dollars. The portion of the debt that we pay interest on (publicly held debt) has doubled in the past four years alone!
Many economists are saying that we are now headed toward "the most predictable crisis in history." Even Hillary Clinton on Sept. 8, 2010 said our national debt "poses a national security threat." Interest on the debt now represents the third largest item on the federal budget after defense and programs for the elderly (social security and medicare).
The need for this amendment was probably best laid out by Rep. Tom Perriello (D-VA) on March 16, 2010 when he said, "The only way to get Congress to balance the budget is to give them no choice. The only way to keep them out of the cookie jar is to give them no choice. Which is why, whether its balanced budget acts or pay as you go legislation or any of that -- it's the only thing."
I believe that the best way to "tie their hands" is with a balanced budget amendment.