Rep. Leonard Lance (R-N.J.) introduced a constitutional-amendment bill Tuesday that would help balance the budget created by Congress.
Lance said the amendment would work to restrain the country and help build a stronger economy. The bill would require a three-fifths majority vote to increase revenue or debt, and also require that the president submit a balanced budget to Congress. An exception is included in the amendment to the requirements when a declaration of war is in effect.
“Many states, including New Jersey, are required to balance their state budgets, yet the federal government continues to spend more than it takes in,” Lance said. “A balanced-budget amendment would be a major step in placing our nation on a glide path toward fiscal restraint and bringing greater economic certainty to help create the jobs we so desperately need.”
Lance, while serving in the New Jersey State Legislature, led a successful fight against borrowing funds without approval from voters. The Republican lawmaker sued former Gov. Jim McGreevey in 2004 over the issue and won the case before the New Jersey Supreme Court. In 2008, voters passed an amendment to the state constitution requiring that voters approve future borrowing.
“In 1995, the U.S. House overwhelmingly passed a balanced-budget amendment by a 300-132 vote,” Lance said. “Yet it failed in the U.S. Senate by a single vote. Twenty years later, as our nation faces an $18 trillion debt, I put forth a proposed constitutional amendment that will require Congress to make the tough decisions necessary to balance the budget for taxpayers today and for future generations.”