Today, Rep. Joe Walsh (IL-08) called for Congress to vote on and pass his balanced budget amendment to the U.S. Constitution. The Congressional Budget Office (CBO) released an update to its Budget and Economic Outlook and now estimates a $1.1 trillion deficit for Fiscal Year 2012, as well as a weak economic growth and high unemployment.
"This is the fourth year in a row that President Obama's budget deficit has ballooned to more than $1 trillion. That's more than $4 trillion in debt in four years that the President has dropped on the backs of our children and grandchildren. If the President cannot balance his budget, it's time for Congress to act and pass a balanced budget amendment."
Rep. Joe Walsh introduced his Balanced Budget Amendment, H.J. Res. 56, in April of last year. The amendment features the following provisions: requires the President to submit a balanced budget and Congress to pass a balanced budget; forces Congress to limit outlays to no more than 18 percent of GDP; and prohibits the courts from ordering revenue increases. It has garnered more than 60 co-sponsors.
"The federal government cannot continue to live outside its means. At some point, America is going to have to pay up--and it's going to be our children and grandchildren that will have to pay back the $15 trillion bill. That is unacceptable. American families have been struggling with shrinking budgets for four years now, but they've managed to live within their means. It's time for the federal government to do the same. It's time for a balanced budget amendment."