WASHINGTON, D.C.—Senator John Thune (R-S.D.), a member of the Senate Budget Committee, today joined the entire Senate Republican caucus to again call for a balanced budget amendment to the Constitution to get America’s economy back on the path to prosperity. The balanced budget amendment, supported by all 47 Senate Republicans, would require the president to submit a budget proposal to Congress that is balanced and does not spend more than 18 percent of the country’s Gross Domestic Product. Congress would then be required to approve budget, spending, and tax bills that meet these guidelines. The amendment would also require any tax increase be approved by two-thirds of both chambers of Congress.
“Families across the country are required to make tough decisions every day to balance their budget and the federal government should be no different,” said Thune. “South Dakota is one of 49 states that has a balanced budget requirement. These states understand that spending beyond their means and accumulating massive amounts of debt is no way to create jobs and grow the economy.
“I disagree with those in Washington who have suggested during this budget debate that American families take the financial hit, instead of the federal government’s bloated spending habits. Rather than proposing tax increases on our job creators, as suggested by the president and Congressional Democrats, we need to focus on the federal government’s runaway spending. With a $14.3 trillion national debt, Washington must make a choice: continue going broke or balance the budget.”