WASHINGTON, DC – U.S. Senator Richard Shelby (R-Ala.) today introduced legislation proposing a constitutional amendment that would require Congress to have a balanced budget in an effort to reduce our nation’s mounting debt, which has increased from $10.6 trillion when President Obama took office to more than $19 trillion today. Senator Shelby has introduced similar legislation in every Congress since taking office.
“The idea behind a balanced budget amendment is simple: the federal government should be required to do what hardworking Americans do every day – balance a budget,” said Senator Shelby. “A $19 trillion debt is simply unsustainable and will place a heavy burden on our children and grandchildren if we do not take steps to reverse this irresponsible course. I’m pleased to once again introduce this common sense policy that would reduce wasteful government spending, restore confidence in our economy, and foster job growth.”
If passed by Congress and then ratified by three-fourths of the states, this amendment to the Constitution would require that the total amount of money spent by the United States during any fiscal year, except during times of war, not exceed the amount of revenue received by the United States during the same fiscal year and not exceed 20 percent of the gross domestic product of the United States during the previous calendar year.