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Balanced Budget Amendmentby Representative Cresent Hardy
Posted on 2015-12-16
HARDY asked and was given permission to address the House for 1
Mr. HARDY. Mr. Speaker, we are $18 trillion in the red. Specifically,
our Federal debt, which is a combination of debt held by the public and
debt held by government accounts, stands at $18.7 trillion. That means
every man, woman, and child owes roughly $58,000 right now, and it will
no doubt rise day by day.
At the beginning of the year 2000, we were $5 trillion underwater. Fast-forward a few years to when President Obama took office, and we were approximately $10 trillion in debt. Today, we are almost double that.
I came to Congress to make the difficult decisions to help put our Nation back on the path of growth, because right now I am fearful that my children and my grandchildren will not have the same opportunities.
It is for these reasons that I have authored and introduced a balanced budget amendment. In fact, 45 States have some type of balanced budget requirement already in law. It is time the Federal Government follows suit.
My amendment will prohibit outlays from exceeding receipts. It will prevent Congress from raising the debt ceiling. It will prevent the President--any President--from instituting an executive order without first presenting Congress a balanced budget.
Every business and every family balances their budget. It is time for the Federal Government to do the same.