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Arlington, VA – Americans for Prosperity applauds the ‘Business Cycle Balanced Budget Amendment’ introduced yesterday by House Budget Chairman Rep. Jodey Arrington (R-TX).
The proposed amendment to the U.S. Constitution would require Congress to balance the federal budget over the medium term, not every year, providing the stability and predictability needed to rein in Washington waste.
To date, Washington’s reckless spending has driven the national debt past $34 trillion – more than $258,000 of debt per household – and the resulting inflation means that Americans are paying more and getting less. Under President Biden’s radical agenda, prices for basic goods have skyrocketed since January 2021.
The average American household is paying an extra $11,000 more each year just to maintain the same quality of life as when Biden took office. And while 80% of voters support a constitutional amendment to require Congress to balance the federal budget within ten years, the national debt keeps growing.
Americans for Prosperity’s Senior Fellow in Fiscal Policy Kurt Couchman said:
“The American people strongly support a balanced budget amendment (BBA) to the U.S. Constitution, yet federal deficits and debt keep growing. Representative Arrington’s Business Cycle BBA is a smart approach with a much better chance to rein in overspending than the traditional BBA. Instead of balancing every year, the budget would balance over the medium term. Spending and revenue policies would be stable and predictable. Surpluses during the good years would more than offset borrowing during recessions. We applaud Representative Arrington for proposing a real fix for the federal budget.”
Click HERE for AFP’s recent report on how Congress can write a well-crafted Balanced Budget Amendment.
Click HERE for more on how Congress can fix the broken budget process and address our exploding national debt.
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