Senator Portman Joins Colleagues To Unveil Balanced Budget Amendment
WASHINGTON, D.C. – Today, Senator Rob Portman joined Senators Orrin Hatch (R-UT), John Cornyn (R-TX) and numerous colleagues to unveil a Balanced Budget Amendment to the United States Constitution.
“If we don’t get our fiscal house in order, our deficit will impact our economy today and into the future, while putting our children and grandchildren at risk. Small businesses, entrepreneurs, and families make difficult choices every day in order to balance their budgets and now it is time for Congress to do the same. With a record deficit this year just announced by the Congressional Budget Office, we need to get our fiscal house in order,” said Senator Portman, a former Director of the Office of Management and Budget.
The reckless spending of the past two years has had a dramatic impact on our national debt. When Senator Portman left the Office of Management of Budget, the budget deficit was 12% of what it is today. As Director, Portman sent a FY08 budget plan that would have produced a balanced budget in 5 years.
“The balanced budget amendment is a really simple concept and one that is long overdue. Some people say that it will be difficult to accomplish this in the short term, but that doesn’t mean we shouldn’t get started right away,” continued Portman.
The proposed amendment would bring down the nation’s skyrocketing national debt by requiring balanced budgets and prohibiting deficit spending or tax increases unless approved by two-thirds of the House and Senate.
“In 2007, when I was Director of the Office of Management and Budget, we actually proposed a balanced budget over five years. That’s not that long ago. Around this country, I think that you will see a lot of Democrats, Independents and Republicans joining this effort and understanding that this is only common sense – we must stop spending more than we take in,” Portman concluded.