GOP Balanced Budget Amendment Is Reckless Political Theater

For decades, a GOP wet dream has been a balanced budget amendment. Unless they are allowed to bring the balanced budget amendment to the floor, GOP senators threatened to deny a measure that would raise the debt ceiling, which is necessary to keep away from sending the government into default. Individuals who are informed about spending budget matters do not take the Republican political stunt seriously, considering it is fiscally irresponsible and has zero chance of becoming part of the U.S. Constitution.

Bill changed by GOP

More than a dozen Republican senators are co-sponsoring a bill for a well balanced budget amendment written by Orrin Hatch of Utah and John Cornyn of Texas. In 1993, 1995 and 1997, Republicans continued to try to get a balanced budget amendment put together. This was in spite of the fact, as estimated by the Congressional Budget Office, that there was a $5.6 trillion government surplus by 2001 due to Clinton’s 1993 deficit reduction package. After George W. Bush came into office in 2001, the well balanced budget amendment was not essential to republicans anymore. By the fall of 2008 when the financial crisis got to its worse, the federal debt had reached $10 trillion due to the Republican Congress and Bush pushing for spending more on tax cuts and wars.

Voters determine on well balanced budget

Now the well balanced spending budget amendment has come back. It is being pushed. Even Cornyn admits that forcing Congress to vote on such an amendment that has no chance of being ratified is nothing however political theater. The human Events website quoted Cornyn saying, “Voters would then know, with very stark clarity, which is for a well balanced spending budget and who is not, and it could have a large impact on the 2012 elections.” Republicans are trying to use blackmail to get this bill passed in congress. The global economic recovery needs the $14.2 trillion cap on the federal debt that has been put in place. In exchange for exceeding it, Republicans say a well balanced spending budget amendment needs to be voted on, at the very least.

Even conservatives think the balanced budget amendment is a poor choice

Among other fantasies, the Republican well balanced budget amendment prohibits tax hikes. The last time the GOP tried the stunt, Clinton’s Treasury Secretary, Robert Rubin, warned that if an amendment was in force, a recession could easily turn into something worse. The American Enterprise Institute is a conservative group. It said that the most reckless action imaginable,” is the balanced spending budget amendment. The liberal Center on Budget and Policy said it eliminates the government’s economic stabilizers, such as joblessness benefits that expand during downturns, from working when they are needed probably the most. Since 1788 when the United States Constitution was ratified, there was a reason there have only been 27 amendments to make it. two thirds of the House and U.S. Senate must vote yes, then legislatures from at least 38 states must do the very same.

Information from

CNN Money

money.cnn.com/2011/03/29/news/economy/balanced_budget_amendment/?cnn=yes

Perrspectives

perrspectives.com/blog/archives/001775.htm

Investors.com

investors.com/NewsAndAnalysis/Article/567387/201103281851/Budget-Balance-By-Law.htm