U.S. Sen. Mike Johanns (R-Neb.) today was one of 45 Senators to introduce a Balanced Budget Amendment to the United States Constitution. The amendment would require both Congress and the President to commit to a balanced budget limiting federal expenditures to 18 percent of U.S. Gross Domestic Product (GDP), and would require supermajorities in both houses of Congress to raise taxes or increase the debt limit.
"This amendment puts in place the commonsense principle that government should spend no more than it brings in," Johanns said. "Just like families can't afford to overspend on the credit card, our government can't continue to spend beyond our means. Without taking strong action, changing course, and reducing our spending we will place the burden of massive debt on the shoulders of the next generation, which is a terrible legacy to leave behind."