USA Today.com
Washington's total disregard for fiscal discipline has jeopardized America's moral, political and economic authority within the world community. Unfunded mandates, insurmountable debt and unconscionable spending threaten the foundation of personal and economic liberty upon which our nation is built.
For the past decade, Washington has persisted in borrowing and spending at unsustainable rates. A number of states, including Florida, have embraced strict constitutional requirements for balanced budgets and regularly face the responsibility to prioritize spending. When this necessitates spending reductions, difficult decisions are made, but by and large citizens of those states have been spared the burden of bearing staggering and debilitating state deficits.
In just eight years, however, the federal debt has nearly doubled, reaching an all-time high of $12 trillion. This translates to a federal debt burden of $40,000 for every American man, woman and child.
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"To pay off this debt by 2015, income tax rates on every American would have to triple, with the increased moneys devoted exclusively to debt payments." |
To pay off this debt by 2015, income tax rates on every American would have to triple, with the increased moneys devoted exclusively to debt payments. Tax increases reduce productivity, limit investment opportunity, restrict competition, undermine purchasing power, and unfairly burden taxpayers and small-business owners.
Additionally, for the first time in history, almost half of our federal debt is held by foreign nations. In order to fund its spending habits, Congress has become increasingly dependent on other countries to purchase U.S. Treasury bonds and securities. As our reliance on outside sources of funds increases, so does outside influence on our policies.
The stark reality is this — Washington is transferring our wealth and influence to foreign nations.
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"Article V of the Constitution provides for two courses of action. Congress can present to the states amendments to the Constitution that would impose fiscal discipline, or the states can call for an amendment convention for that specific purpose." |
If we wish to bequeath to our children a country with a robust economy, known for its principled leadership, and which values the private distribution of goods and services over state planning, spending reductions and a decrease in deficit financing are imperative. Unless fiscal discipline is restored, our children and grandchildren will not inherit a country that leads by principle, encourages a free-market economy and responds to those in need throughout the world. They will be encumbered with the costs of today, without any of the promises of tomorrow.
Article V of the Constitution provides for two courses of action. Congress can present to the states amendments to the Constitution that would impose fiscal discipline, or the states can call for an amendment convention for that specific purpose.
These are not novel concepts. In 1995, the U.S. House of Representatives passed a balanced budget amendment, and the U.S. Senate came within one vote of the necessary two-thirds needed to send the amendment to the states for ratification. Despite not passing the constitutional amendment in 1995, the Congress passed balanced budgets for four years, paid off $405 billion in debt and had the lowest spending growth — 2.9% — since President Calvin Coolidge.
Currently, 19 states have applied for an amendment convention for the purposes of balancing the budget.
Since members of Congress have given no indication that they intend to alter their behavior, reject unbridled spending and return to the traditions of fiscal restraint, we believe that there is little likelihood that they will propose an amendment. As a result, the American people must act. Let us begin by calling upon every member of Congress and every candidate seeking office to commit to voting for a Federal Balanced Budget Amendment immediately. By raising a united voice in every district in every state in America, we can build the political will for Congress to act.
In the meantime, states should not be reluctant to exercise their rights under Article V of the Constitution, and call for an amendment convention. Nineteen states have already chosen to do so, and Florida will soon be considering a similar course of action.
The power to act today rests with Congress. The power to compel action rests with all Americans. It is time for elected leaders in every state to send the message that inaction will no longer be tolerated.
It has not been our wish to force an amendments convention, but the risks of inaction are so great, pose such a significant threat to the future of this nation, that we cannot sit idly by and watch the dream that is America reduced to a historical footnote.
Former Speaker of the House Newt Gingrich is the Honorary Chairman of Renewing American Leadership. Jeff Atwater is the current president of the Florida Senate.