Press Releases
Arrington Introduces Balanced Budget Amendment
Washington,
February 9, 2024
WASHINGTON, DC— This week, Chairman Jodey C. Arrington (TX-19) and Rep. Rudy Yakym, Rep. Ron Estes, Rep. Tim Burchett, Rep. Jeff Duncan, and Rep. Jake Ellzey introduced the Business Cycle Balanced Budget Amendment. This legislation would require the federal government to balance its budget and rein in out-of-control spending. “With $34 trillion in debt and a sovereign debt crisis looming on the horizon, the fiscal health of our nation is in rapid decline. If past is prologue, Congress will not demonstrate the political courage necessary to rein-in spending and reduce the debt, which is why I introduced the Business Cycle Balanced Budget Amendment,” said Chairman Arrington. “This legislation offers a strategic approach to balancing our budget while providing flexibility for inevitable economic down cycles. If ratified, this amendment would force the federal government to operate responsibly like every American business or family and live within our means. “Our unsustainable debt is the greatest long-term threat to our economic prosperity and national security,” said Rep. Yakym. “Yet, year after year our federal government continues to rack up more and more debt, without any accountability or urgency to put an end to the reckless D.C. spending sprees that are bankrupting the next generation’s future. It’s clear we need to fundamentally reform how Congress operates if we are going to restore fiscal responsibility and arrive at a responsible balance sheet, just like families and businesses across America do every single day. I applaud Chairman Arrington Amendment for introducing this Balanced Budget Amendment and for his dogged commitment to tackling our looming fiscal crisis before it’s too late.” "Our country borrows about $90,000 per second, each American is on the hook for $100,000 of debt, and between January and October of this year our national debt is expected to increase from $34 trillion to $36 trillion. These numbers aren't overblown talking points, they're undisputed facts that are detrimental to the health and safety of our nation. In the last three decades, our debt has exponentially increased more than 600%. I've consistently called for a balanced budget amendment to our Constitution to start to address this spending crisis, and I fully support Budget Chairman Arrington's proposal as an original cosponsor,” said Rep. Estes. "The American people strongly support a balanced budget amendment (BBA) to the U.S. Constitution, y et federal deficits and debt keep growing. Representative Arrington’s Business Cycle BBA is a smart approach with a much better chance to rein in overspending than the traditional BBA. Instead of balancing every year, the budget would balance over the medium term. Spending and revenue policies would be stable and predictable. Surpluses during the good years would more than offset borrowing during recessions. We applaud Representative Arrington for proposing a real fix for the federal budget.” said Kurt Couchman, senior fellow in fiscal policy for Americans for Prosperity. “Chairman Arrington's Business Cycle Balanced Budget Amendment offers an innovative approach to addressing one of our nation's most pressing concerns -- our out-of-control debt. This amendment would constrain Congress from reckless spending yet afford them the flexibility that is needed to address true national emergencies. NTU is pleased to support the Business Cycle Balanced Budget Amendment.” said Brandon Arnold, Executive Vice President, National Taxpayers Union. “I've fought for Congress to pass a balanced budget amendment since day one. This is our taxpayers' hard-earned money we're spending, and our constituents elected us to spend it responsibly. We have neglected that part of our job for too long, and if we don't radically change our spending habits now we will lose this country.” said Rep. Tim Burchett. “From my first day in Congress, I have been fighting to rein in America’s out-of-control spending,” said Congressman Jeff Duncan. “Americans know that they must set a budget and live within that budget. It’s past time for Congress to learn that same lesson. Passing a balanced budget amendment is the best first step towards cutting America’s $34 trillion in debt.” Business Cycle Balanced Budget Amendment Summary:
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