Husted introduces constitutional amendment to balance the federal budget

WASHINGTON – Sens. Jon Husted (R-Ohio) and Cynthia Lummis (R-Wyo.) introduced the Principles-Based Balanced Budget Amendment (PBBA), a constitutional amendment to balance the federal budget.

The amendment requires Congress to balance federal spending and revenue within 10 years of ratification.

“In Ohio, we are required to balance the state budget every year. With a national debt of $38 trillion and climbing, our children will pay the price for our lack of discipline. I’m introducing this amendment to restore fiscal responsibility in Washington, calm inflation and require Congress to rein in spending in a principled way. I applaud Rep. Moran for his leadership on this issue in the United States House of Representatives, and I’m proud to lead the Senate version. I love our country, and it’s worth our discipline and sacrifice to save it,” said Husted.

“With a ballooning national debt of more than $38 trillion, the United States simply cannot afford needless spending without any accountability. At the current rate, we are leaving a fiscal disaster for our grandchildren, and their children. It’s long past time we balance our budget and get our fiscal house in order, and this legislation puts our country on the path to getting it done,” said Lummis.

“For years, Washington has delayed the tough decisions needed to get our fiscal house in order, and the result is a national debt now topping $38 trillion. That trajectory is unsustainable and unfair to the next generation. The Senate’s introduction of this amendment reinforces a simple principle: Congress must live within its means. This amendment is a practical step toward lowering inflation, strengthening our economy, and securing America’s financial future,” said Rep. Nathaniel Moran (R-TX-1).

“Senator Husted’s principles-based balanced budget amendment should be the 28th Amendment to the U.S. Constitution. A smart BBA and related legislation would help Congress tame inflation, boost opportunity for all Americans and strengthen the legislative branch. This BBA resembles existing, successful constitutional provisions: broadly appealing principles that will stand the test of time while Congress updates the details as the country changes. We urge all senators to support Senator Husted’s Principles-based BBA,” said Kurt Couchman, Senior Fellow in Fiscal Policy, Americans for Prosperity.

As the former Speaker of the Ohio House of Representatives and Lt. Governor, Senator Husted never supported an unbalanced budget. The PBBA would restore fiscal sanity because it:

• Requires Congress to achieve balance of federal expenditures and receipts within 10 years of the ratification of the amendment.

• Allows for emergency deficit spending only with two-thirds support in both the House and Senate.

Rep. Moran introduced the companion version of the PBBA in the House of Representatives.

Full text of the bill is available here.