Tuesday, June 15, 2010

Another trillion-plus deficit this year

 

The U.S. is on track for another $1 trillion-plus deficit this year.  According to the Washington Times, economists are forecasting that the deficit for this year will come in around $1.3 trillion, the second-highest deficit in history, surpassed only by last year's all-time high of $1.4 trillion.

The majority party in Washington still has yet to write a budget – a budget that is now two months overdue.  Balancing a budget that currently has a trillion-plus dollar deficit will be an enormous challenge, but balancing a budget that does not exist is impossible. 

I have recently joined the Balanced Budget Amendment Caucus.  This is a bipartisan caucus that aims to force the Federal Government to create a balanced budget every fiscal year by implementing the Balanced Budget Amendment.  This legislation would begin the process to constitutionally require:

  1. That Congress may not to spend more than it receives in revenues;
  2. That the President must submit a balanced budget to Congress; and,
  3. That Congress must have a 3/5 majority vote to increase the debt limit except in the case of national emergencies. 

A Constitutional amendment will force Congress to eliminate unnecessary and wasteful spending and make the decisions necessary to balance the budget and eliminate the federal deficit.  Currently, forty-nine out of fifty state governments, including Virginia, have a balanced budget requirement.

Please share your thoughts on the budget issue by e-mailing me here.  I look forward to hearing from you.

Yours in service,

 

Randy Forbes
Member of Congress

 
Carl Ray Louk

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