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Proposing a Balanced Budget Amendment to the Constitution

Floor Speech

Location: Washington, DC


Mr. FRANKS of Arizona. I thank the gentleman for yielding.

Mr. Speaker, all financial budgets will eventually balance. The choice faced by those of us in Congress is whether we will balance this budget ourselves through the wise policy before us or whether national bankruptcy and financial ruin will do it for us.

From the very day that Barack Obama walked into the White House, he has, with breathtaking arrogance, absolutely ignored economic and financial reality. It took America the first 216 years of its existence to accumulate the debt that Barack Obama has accumulated in the first 3 years of his Presidency. He has in those short 3 years increased our Federal debt by over $4 trillion.

Just to put that into perspective, if all of a sudden a wave of responsibility swept through this Chamber and if we stopped all deficit spending today and began to pay installments of $1 million every day to pay down the over $4 trillion in new debt that Barack Obama has created in less than 3 years, it would take us more than 10,000 years to pay that off--and that's if we didn't pay one dime of interest in the process.

But you see, we are not paying Mr. Obama's debt down at $1 million per day; we are going deeper into debt, more than 4,000 times that much, every day under Mr. Obama's own submitted budget and deficit projections.

In an ominous prologue to the vote before us, the national debt surpassed $15 trillion yesterday.

Mr. Speaker, we have already tried Mr. Obama's way. We have thoroughly tested Democrat economics 101--the theory that we can tax and deficit spend ourselves into prosperity or, as Vice President Biden put it, ``We have to spend money to keep from going bankrupt.''

That theory has utterly failed. We cannot repeal the laws of mathematics.

But now the seminal moment approaches when each of us in this body will have the rare opportunity to cast a single vote that could pull this Nation back from the brink of economic cataclysm. For the sake of our children and our children's children, I pray that we do the right thing.


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