Saturday, June 27, 2015

Fox News/Opinion: America urgently needs a balanced budget. Here's how to get there

Rep. Vernon Buchanan/AP/Steve Nesius
By Rep. Vernon Buchanan, Jun. 27, 2015, Fox News

A disturbing new report from the nonpartisan Congressional Budget Office (CBO) warns that America’s growing debt could choke economic growth and lead to a death spiral from which there is no recovery.

The CBO’s report should give new energy and urgency to the call for a Constitutional Balanced Budget Amendment.

The national debt is a ticking time bomb that threatens every American, young and old. It currently exceeds $18 trillion and is projected to top $27 trillion within the next decade.

The growth of so-called mandatory spending – programs that run on autopilot – will drive much of the increase in our debt over the coming years.

These programs will leave little room for funding key priorities such as national defense, economic development and veterans’ services.

I have long argued that a Balanced Budget Amendment is the best solution to this imminent fiscal crisis. It was the very first measure I introduced as a member of Congress and a cause I continue to champion as a member of the House Budget Committee. We must force Washington to balance its books.

Forty-nine out of 50 states, including my home state of Florida, have balanced budget requirements.

In Florida, we make the tough choices in our budget every year as part of our obligation to be responsible stewards of the taxpayers’ money.

Why should Washington be held to a different standard?

There is good news for those who believe in a balanced budget and a return to fiscal sanity.

This year, for the first time in over a decade, both the House and the Senate passed a federal budget that actually balances, reduces spending by more than $5 trillion, and creates 1.2 million new jobs. It also calls for Congress to pass a Balanced Budget Amendment to the Constitution.


More: www.foxnews.com
 
Republican Vern Buchanan represents Florida's 16th congressional district in the U.S. House of Representatives. He is currently serving his fifth term in the House of Representatives and is Florida's only member of the powerful House Ways and Means Committee. He also serves on the House Budget Committee.

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