Congressman Bob Goodlatte released the following statement regarding the introduction of H.J. 565 in the Virginia House of Delegates by Delegate Jim LeMunyon (R-67 Fairfax/Loudoun). This resolution calls for a balanced budget amendment to the United States Constitution via a convention of the states, which is provided for in Article V of the Constitution.
"A bloated federal budget and unrestrained federal spending have sent the national debt soaring past $16 trillion. I have long been an advocate for a balanced budget amendment to the Constitution. It is a simple concept -- you can't spend more than you take in. Families in Virginia and across the nation understand this and live by it -- however, the federal government continues to rack up trillion dollar budget deficits and place a heavier burden of debt on the next generation of Americans.
"Pressure continues to grow for a federal balanced budget amendment. I applaud Delegate LeMunyon and the cosponsors of H.J. 565 for taking action to stop the out of control spending. This is another example of state legislatures expressing the importance of a balanced budget to our national economy. I look forward to working with this group of state legislators to enact a balanced budget amendment and much-needed fiscal discipline in Washington."
On the first day of the 112th Congress, Congressman Goodlatte introduced two constitutional amendments requiring a balanced federal budget (H.J. Res 1 and H.J. Res 2). H.J. Res 2 simply requires that total spending for any fiscal year not exceed total receipts and is the same legislation that passed the House of Representatives in 1995 and fell one vote short in the Senate. Last fall, despite having the support of a majority of the Members of Congress (242 cosponsors), H.J. Res 2 fell short of the necessary two-thirds of the House of Representatives with a final vote of 261-165.