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ARLINGTON, VA— Americans for Prosperity (AFP) today praised the introduction of the Principles-Based Balanced Budget Amendment by Rep. Nathaniel Moran (TX-01) and Sen. Mike Braun of Indiana. This thoughtful proposal for a constitutional amendment would rein in reckless spending by requiring the federal government to balance its budget. It sets out broad goals that can attract widespread support while avoiding problematic features of most other BBA proposals.
Americans for Prosperity’s Senior Fellow in Fiscal Policy Kurt Couchman said:
“This legislation is a key piece of any agenda to fix Washington’s growing debt problem, and we strongly urge Members to support it. It mirrors existing constitutional provisions with broad principles that can stand the test of time, and it would empower Congress to develop the details through statute. We applaud Rep. Moran and Sen. Braun for proposing a smart fix to help Congress address our unsustainable levels of debt.”
The proposal would require Congress to balance spending and revenue, but not necessarily every year. It would empower Congress to develop and update implementing legislation to define and enforce balance. This would promote fiscal responsibility while giving Congress the flexibility to adjust the details through the regular process. Congress would have ten years after ratification to reach initial balance. Congress could borrow for emergency situations with a supermajority in both chambers and with an expectation of paying down that debt soon thereafter.
AFP strongly urges Congress to address Washington’s broken budget process with innovative approaches like the Principles-Based Balanced Budget Amendment. You can learn more about AFP’s solutions to address our growing national debt in AFP’s Agenda to End Budget Brinkmanship.
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