House Republicans Introduce Resolution Calling for Federal Balanced Budget Amendment

Ohio House Speaker Pro Tempore Matt Huffman (R-Lima) today was joined by members of the House Republican Caucus and representatives from the Balanced Budget Amendment Task Force at a press conference to discuss House Joint Resolution 7, which calls for a constitutional convention pursuant to Article V of the United States Constitution.

“The founders of this country anticipated the need to give states the option to hold Article V conventions as a check on the federal government,” said Rep. Huffman. “The United States, long considered to be the world’s richest nation, has been borrowing enormous sums of money to fund the general operations of the government, and unless we act now, Congress plans to borrow another $8 trillion by 2020. Ohio and other states must exercise their ability to limit federal borrowing in order to prevent economic collapse.”

After 34 states pass similar resolutions, Congress must set a time and location for the Article V Convention to occur. Each state legislature will determine its delegates, who will debate the language for a Balanced Budget Amendment. If an amendment is proposed, 38 states will vote for ratification.

The United States Department of Treasury projects that the Gross National Debt will exceed $17 trillion by October 2013—an amount that is greater than the debt of all European Union nations combined. From 1993 to 2002, Congress borrowed $1.3 trillion to pay for expenditures. From 2003 to 2008, $3 trillion was borrowed to assist expansion of the Medicare program as well as costs of the wars in Iraq and Afghanistan.

However, from 2009 to 2012, an astounding $6 trillion was borrowed despite the fact that expenditures for the wars declined significantly. This amounts to Congress spending $1.90 for every $1 of income.

Republican members of the Ohio House firmly believe that, like Ohio’s state government, the federal government should operate within its means and ensure that spending is balanced, sustainable and fiscally responsible.