“Tennessee families balance their check books every month; it is time Congress learns to act by the same common-sense principle. This amendment would force the federal government to act like the vast majority of states – including Tennessee – who are required by law to balance their budgets,” Ford said.
“As of today, the national debt is $7.8 trillion. Every American’s share now totals $26,447 – that’s $26,447 every Tennessean will have to pay over a lifetime in added taxes just to retire the national debt.”
Each year, the federal government pays billions of dollars in interest on the national debt. By forcing the federal government to balance its books, the proposed amendment would help reduce the debt and free up billions of dollars that could be reinvested in the economy through education programs, employment initiatives and lower taxes.
In nine years as a congressman, Ford has never voted for a budget that was unbalanced. Ford is also a co-sponsor of legislation calling for a balanced budget amendment introduced in February by the Blue Dog Coalition, a group of moderate Democrats committed to fiscal discipline.
The text of the bill, filed yesterday, is identical to the balanced budget amendment to the Constitution that was approved by the House of Representatives in 1995, but which twice failed to pass the Senate by a single vote.
A Constitutional amendment requires a two-thirds majority of both houses of Congress and ratification by three-fourths of the states. If passed, the measure would take effect in the first fiscal year beginning after December 31, 2010 or two years after ratification by the states, whichever is later.
From: The Press Room
