The Washington Times' editorial page featured a piece today regarding the recently proposed Spending Limit Amendment. Read an excerpt here:
When government grows, prosperity shrinks. So does freedom. With those powerfully simple truths in mind, Rep. Jeb Hensarling, Texas Republican, and Rep. Mike Pence, chairman of the House Republican Conference, on March 3 introduced one of the most intriguing constitutional amendment proposals in years. Their Spending Limit Amendment merits great attention and with a few tweaks will deserve enthusiastic support.
Except in times of declared war or when two-thirds of each house of Congress decides otherwise, the amendment would limit "total annual outlays" of the federal government (except repayment of principle of the national debt) to "one-fifth of economic output" of the country. Mr. Pence and Mr. Hensarling, along with original co-sponsor Rep. John Campbell, California Republican, note that federal spending of 20 percent of gross domestic product (GDP) has been the historical average since World War II, and spending didn't breach 23 percent in a single year for more than four decades. Under the current spending explosion, however, outlays have risen from exactly 20 percent to a near-astronomical 24.7 percent in just two years, with the trend line heading toward 40 percent over the next two decades.