WASHINGTON, DC – Tuesday, February 10, 2015 – U.S. Senator Richard Shelby (R-Ala.) today announced that he introduced S.J.Res. 9, a resolution proposing a constitutional amendment that would require Congress to have a balanced budget in an effort to reduce the nation’s mounting debt. Our national debt has increased from $10.6 trillion when President Obama took office to more than $18 trillion today. Senator Shelby has introduced similar legislation in every Congress since taking office.
“I have long believed that one of the few shortfalls of our Constitution is the omission of a requirement for the federal government to do what hardworking Americans do every day – balance a budget,” said Senator Shelby. “Our national debt recently surpassed $18 trillion, serving as a harsh reminder of the burden that will be placed on future generations if the federal government continues to operate on its unsustainable spending trajectory. Requiring Washington to balance its budget is a common sense policy that would reduce wasteful 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.