Murkowski Backs Balanced Budget to Get Nation’s Spending Under Control
Senator Co-Sponsors Amendment to Restore Responsible Spending
Days after President Barack Obama proposed a federal budget for 2016 that digs the nation deeper into debt while also raising taxes, Senator Lisa Murkowski today announced she is co-sponsoring S.J. Resolution 6, the Balanced Budget Amendment Act to stabilize the nation’s economy and fiscal path.
“With the nation sinking deeper than $18 trillion in debt, we simply need to get our fiscal house in order,” said Murkowski. “That works out to having every man, woman and child in a $56,000 hole; this is reckless, unsustainable and threatens our standing in the world. America cannot sink further into the red, dig our grandkids deeper into debt, and hand over more of our economy to foreign lenders.”
The Balanced Budget Amendment would:
- Require the President to submit a balanced budget annually
- Require a 2/3 supermajority vote of both houses of Congress to exceed the cap or raise taxes (there are exceptions for military conflicts and war time spending);
- Require a 3/5 vote to raise the debt limit, and
- Prohibit the Judicial Branch from ordering revenue increases to enforce mandatory spending.