The only effective way to control spending is through an amendment to the Constitution.
Balancing budgets is not an untested idea. In fact, 49 states
currently abide by some form of a balanced budget requirement. Spending cuts, caps, and “commitments” are always temporary – a constitutional amendment is permanent. A constitutional mandate to pass a balanced budget every year would legally force (not simply “urge” or “encourage”) Congress to only spend what it takes in. Only by permanently turning off the “leaking faucet” of federal spending can we truly stop the flood and save our children and grandchildren from drowning in a sea of debt they did not create.
If we choose to do nothing and continue on the fiscal path we’re on, in just 10 years, 95% of all federal taxes will be used to pay off our debt and fund our unsustainable entitlement programs. This will leave only 5% of our annual tax revenue for funding national defense and other essential functions of the government.
As a part of the August debt limit agreement, the House and Senate will have to vote between October 1, 2011, and December 31, 2011 on a Balanced Budget Amendment to the Constitution. To pass the House and Senate, this Constitutional amendment would require a 2/3 majority (290 representatives, 67 senators). Upon passage by the House and Senate, the Amendment would be sent to all 50 states for ratification.