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Balanced Budget Amendment

Balanced Budget Amendment

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Balanced Budget Amendment

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  1. Balanced Budget Amendment The Facts About A

  2. Since Our Nation’s Founding

  3. Since Our Nation’s Founding Thomas Jefferson Letter to John Taylor 1798 “I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government.”

  4. Since Our Nation’s Founding Ronald Reagan April 29, 1982 “Only a constitutional amendment will do the job. We’ve tried the carrot, and it failed. With the stick of a Balanced Budget Amendment, we can stop government squandering, overtaxing ways, and save our economy.”

  5. And Now… President Barack Obama July 15, 2011 “We don’t need a constitutional amendment to do our jobs. The Constitution already tells us to do our jobs -- and to make sure that the government is living within its means and making responsible choices.”

  6. And Now… The Hill July 19, 2011 Senate Majority Leader Harry Reid said the balanced-budget amendment being considered in the House is “radical.”

  7. And Now… Senate Majority Whip Dick Durbin “[The] notion that we somehow have to change the Constitution to do what we were elected to do is just wrong.”

  8. And Now… Doug Elmendorf Director, Congressional Budget Office January 27, 2010 “U.S. fiscal policy is on an unsustainable path to an extent that it cannot be solved by minor tinkering.”

  9. Just Ask the Job Creators Steve Wynn CEO of Wynn Resorts July 18, 2011 “[T]his administration is the greatest wet blanket to business, and progress and job creation in my lifetime…[U]ntilwe change the tempo and the conversation from Washington, it's not going to change. And those of us who have business opportunities and the capital to do it are going to sit in fear of the President.”

  10. Just Ask the Job Creators Bernie Marcus Founder of Home Depot June 20, 2011 “Home Depot would never have succeeded if we'd tried to start it today…If we don't lower spending and if we don't deal with paying down the debt, we are going to have to raise taxes. Even brain-dead economists understand that when you raise taxes, you cost jobs.”

  11. It Came Down To One Vote • HOUSE Vote: 300-132 (228 Republicans, 72 Democrats voted yes) • SENATE Vote: 65-35 (51 Republicans, 14 Democrats voted yes) Sixteen years ago, a Balanced Budget Amendment passed the House with bipartisan support, only to lose by one vote in the U.S. Senate.

  12. Since 1995, Our Nation’s Debt Has Nearly Tripled

  13. The National Debt Has SKYROCKETED Since the 1995 Defeat of a Balanced Budget Amendment $26.3 Trillion by 2021 OBAMA BUDGET PROJECTIONS 2011: $14.3 Trillion 1995: $4.9 Trillion Source: Office of Management and Budget

  14. How Fast Can You Rack Up $3.95 Trillion In New Debt? U.S. Presidents, 1789-1992 • It took 42 Presidents more than • 200 Years • to increase the debt by $3.95 trillion. • It took Barack Obama just • 2.5 Years • to increase the debt by $3.95 trillion.

  15. What Does This Debt Mean For Our Children? Photo: Associated Press

  16. A Permanent Solution • The only permanent solution is to enshrine it in the Constitution and legally force future Congresses and Presidents to stop spending money they don’t have. • 49 statescurrently abide by some form of a balanced budget requirement.

  17. No Better Time Than Now • National polls prove the American public supports a Balanced Budget Amendment.

  18. Where Do We Stand Now? As a part of the August debt limit agreement, the House and Senate will have to vote between October 1, 2011, and December 31, 2011, on a Balanced Budget Amendment to the Constitution (BBA). 2/3 Passage Requirement in House & Senate All Senate Republicans have supported a version of the BBA, and nearly all House Republicans supported Cut, Cap & Balance.

  19. What Happens After Congress Passes A Balanced Budget Amendment? • Sent to all 50 states for ratification • States then move to ratify the amendment in a statewide vote • Timeline (deadline) for ratification may be implemented • 3/4 of states must approve the amendment

  20. Additional Slides

  21. The Facts About Our Debt We have a debt crisis facing our nation. The debt crisis threatens our job growth, our national security and sovereignty, and our nation’s children. We have a debt crisis because Washington spends too much, not because Washington taxes too little. The spending is driven by retirement and health security programs. The cost of doing nothing is unacceptable. What we can do today.

  22. Current Policy 2011 Source: Congressional Budget Office, Office of Management and Budget

  23. The Federal Government is Borrowing More Than 42 Cents of Every Dollar It Spends Source: Office of Management and Budget, President’s Budget FY 2012

  24. “Debt Day” All spending after July 27 of this year is borrowed spending. Source: Office of Management and Budget, President’s Budget FY 2012

  25. Source: Office of Management and Budget Historic Tables, Congressional Budget Office; projections based on the CBO’s Alternative Fiscal Scenario.