GOP Well Balanced Budget Amendment Is Reckless Political Theater

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A well balanced spending budget amendment is the latest political game being played by U.S. Senate Republicans. They intend to force Congress to pass a well balanced spending budget amendment in return for votes that would approve raising the debt ceiling, which the federal government will need to pay its bills. The well balanced budget amendment is recognized as a political gimmick by both conservative and progressive economists, who give the politically motivated effort zero chance of success. Article resource – GOP balanced budget amendment is irresponsible political theater by MoneyBlogNewz.

Possible bill GOP supports

More than a dozen Republican senators are co-sponsoring a bill for a balanced budget amendment written by Orrin Hatch of Utah and John Cornyn of Texas. Congressional Republicans tried to pass a well balanced budget amendment during the Clinton Administration in 1992, 1995 and 1997, although Clinton’s 1993 deficit reduction package resulted in a $5.6 trillion government surplus by 2001 as projected by the Congressional Spending budget Office. Republicans quit pushing a well balanced budget amendment when George W. Bush took office in 2001. A Republican Congress and the Bush administration spent the surplus on tax cuts and wars, increasing the federal deficit to $10 trillion by the fall of 2008 when the financial crisis reached critical mass.

Using blackmail to get a balanced spending budget

Now with a Democrat in the White House, Republicans have dusted off the balanced spending budget amendment once more. Even Cornyn admits that forcing Congress to vote on such an amendment that has no chance of being ratified is nothing but political theater. Cornyn told the right wing website Human Events that “Voters would then know, with very stark clarity, which is for a well balanced budget and who is not, and it could have a large impact on the 2012 elections.” Republicans are trying to use blackmail to get this bill passed in congress. The global economic recovery needs the $14.2 trillion cap on the federal debt that has been put in place. In exchange for exceeding it, Republicans say a well balanced budget amendment needs to be voted on, at the very least.

balanced budget not supported by many

Among other fantasies, the Republican balanced spending budget amendment prohibits tax hikes. The GOP proposed this bill during the last time Clinton was in office. Robert Rubin, Clinton’s Treasury Secretary, said that if this were to occur, it would turn out to be much worse than a recession. The conservative American Enterprise Institute calls the balanced budget amendment “the most reckless action imaginable.”. The Center on budget and Policy is very liberal. It said that the amendment would take away necessary benefits such as joblessness. There’s a reason only 27 amendments have been made to the United States Constitution since it was ratified in 1788. There has to be two thirds vote from both the House and U.S. Senate. Then, on top of that, there must be voted from at least 38 states.

Articles cited

CNN Money

money.cnn.com/2011/03/29/news/economy/balanced_budget_amendment/?cnn=yes

Perrspectives

perrspectives.com/blog/archives/001775.htm

Investors.com

investors.com/NewsAndAnalysis/Article/567387/201103281851/Budget-Balance-By-Law.htm

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