Balanced budget petition
Balanced budget petition
Join Tim Pawlenty in calling on Congress to pass a federal balanced budget amendment.
America’s debt is a crisis that cannot be ignored. The average American household now carries over half-a-million dollars in Federal debt. And it’s growing quickly: The Obama administration is now predicting that the federal budget deficit will exceed $10 trillion through 2019. And that’s just the tip of the iceberg: If you look at all of the unfunded liabilities of the Federal government, the national debt right now is already at least $65 trillion.
If we continue down the current path of runaway deficits, we’re going to have the Federal government creating a public-finances-equivalent to the subprime mortgage meltdown in the not too distant future. Without change, sooner or later massive Federal debt will force painful spending cuts, higher taxes, a weaker dollar and runaway inflation.
On behalf of all taxpayers, small businesses and future generations, we urge you to support an amendment to the U.S. Constitution mandating that Congress balance the federal budget.
Add your name to the petition by completing the form on the right.
Read the full letter to Members of the United States Senate and House of Representatives
The federal government’s Ponzi Scheme on the Potomac endangers America’s already-beleaguered economic health and imperils the basic freedoms of American working families.
Leaders in both parties have irresponsibly run up debt. And, since President Obama took office, the debt crisis has grown exponentially worse.
The facts tell the story. The average American household now carries over half-a-million dollars in Federal debt. And it’s growing quickly: The Obama administration is now predicting that the federal budget deficit will exceed $10 trillion through 2019. Meanwhile, some economists are predicting that in about 15 years, our public debt will be more than 100 percent of gross domestic product (GDP). And that figure is just the tip of the iceberg: If you look at all of the unfunded liabilities of the Federal government, the national debt right now is already at least $65 trillion.
This runaway spending is not sustainable. If we continue down the current path of runaway deficits, we’re going to have the Federal government creating a public-finances-equivalent to the subprime mortgage meltdown in the not too distant future.
When a family or business faces the sort of revenue gap we are facing as a nation, they have to drastically tighten their belts. Government must do the same.
Cutting spending is necessary because our nation’s fiscal imbalance threatens our future prosperity, our national security, and the heart of the American dream. Without change, sooner or later massive Federal debt will force painful spending cuts, higher taxes, a weaker dollar and runaway inflation.
Balancing the budget will require some tough decisions. Congress must reduce discretionary spending in real terms, with exceptions for key programs such as military, veterans, and public safety. The Congress must also reject costly new spending initiatives, like new health care entitlements.
In the long run, we need a mechanism in place to enforce balanced budgets, because regardless of which party is in power, they have not done a good job of getting budgets to balance over time. That’s why we need a Constitutional amendment to require a balanced budget, with exceptions for war, natural disasters, and other emergencies.
As our elected representatives in Congress, we urge you to support an amendment to the U.S. Constitution mandating that Congress balance the federal budget.
Tim Pawlenty
