RELEASE: Congressman Moran Introduces Constitutional Amendment to Balance Federal Budget
TYLER, TEXAS, July 6, 2023
TYLER, TEXAS – Congressman Nathaniel Moran (TX-01) released the following statement today after introducing a Principles-Based Balanced Budget Amendment:
“Congress was granted the power of the purse by the U.S. Constitution, but it has never been held accountable for the $32 trillion debt that has been accrued as a result of not having a balanced budget. This unsustainable path has led to crippling inflation and is a financial burden that future generations will struggle to overcome. My legislation, the Principles-Based Balanced Budget Amendment, will require annual spending and revenue to balance, taking a step towards restoring stability for our future. Unlike previous proposals, the Principles-Based Balanced Budget Amendment allows Congress to first agree on the principles of upholding a balanced budget before implementing specific policies that will help us reach balance, thereby allowing us to focus on more critical issues that impact the American people every day, such as securing the border, reducing taxes, and supporting our nation’s veterans.
“I look forward to working alongside my colleagues in Congress to promote this legislation, which will finally reign in reckless spending and restore our nation’s fiscal house, beginning with a balanced budget.”
The Principles-Based Balanced Budget Amendment (PBBA) would require spending and revenue to balance – affirming the principle of fiscal responsibility, while allowing Congress the flexibility to detail how the budget should be balanced. The PBBA allows Congress to incur deficits when addressing emergency situations only with two-thirds support in both chambers and requires debts to be paid back as soon as practicable. Finally, once the PBBA is ratified by states, Congress must balance the budget in ten years.
Support for the Principles-Based Balanced Budget Amendment:
“We are thrilled to endorse Representative Moran and Senator Braun’s principles-based balanced budget amendment. This BBA is like existing constitutional provisions: broadly appealing principles that can stand the test of time and that empower Congress to develop the details through statute. Rep. Moran’s BBA and associated legislation can help Congress eliminate wasteful spending and debt drag, and we urge all members to support it.” – Kurt Couchman, Senior Fellow in Fiscal Policy, Americans for Prosperity