In recent testimony before a congressional panel, U.S. Rep. Steve Stivers (R-OH) said a bipartisan balanced budget amendment that he introduced would ensure the nation’s fiscal solvency while protecting federal programs that many people rely upon.
To rein in a nearly $20 trillion national debt, Stivers’ bill would require a balanced federal budget with government spending totaling less than its revenues. Declarations of war or national emergencies would allow the amendment to be suspended with a majority vote in both chambers of Congress, but additional debt would have to be repaid within 10 years.
“Each U.S. citizen currently owns over $61,000 of the national debt,” Stivers told members of the House Judiciary Committee. “We cannot place this burden on our children and grandchildren, and we owe it to them to get federal spending under control. We are taking away economic opportunity from tomorrow’s generations and threatening our national security today by borrowing money from other countries, like China, and we must address the issue now.”
The bill, H.J. Res. 110, would have to be approved on two-thirds majority in both chambers of Congress and ratified by 38 states to be enacted, would take effect 10 years after ratification.
“Whether the first steps are taken by Congress or the states is not important,” Stivers said. “One way or another, action must be taken.”
Stivers introduced the bill with bipartisan support from U.S. Rep. Henry Cuellar (D-TX).