Photo by George Lauby
Sen. Deb Fischer anounced Tuesday that she is co-sponsoring legislation to constitutionally require the federal government to pass a balanced budget.
The Balanced Budget Amendment (S.J. Res. 10) would require the president to transmit to Congress a balanced budget that limits future spending to 18 percent of the Gross Domestic Product – the historic average for government spending, Fischer said.
Congress would then be required to pass a balanced budget with similar spending restrictions.
“Nebraskans know – and have told me consistently – that the only way to avoid a European-style fiscal crisis is to cut out-of-control government spending,” Fischer said. “It’s what I was sent to Washington to do.”
“A Balanced Budget Amendment is the only way that Congress and the president will finally set critical national priorities and fund them appropriately," she said.
Balanced budget amendments have been introduced in Congress since the 1930s and in 1997, the Senate failed to advance an amendment by just one vote.
Fischer said a CNN poll shows that three-quarters of Americans favor a Balanced Budget Amendment.