U.S. Rep. Jay Obernolte introduced a bill and a constitutional amendment on Friday that combined would address America’s unsustainable national debt.
The United States has a debt of more than $28 trillion — $84,850 for every American citizen. House Resolution 263, the “Finding Federal Savings Committee Resolution,” would create reductions in federal spending by eliminating nonessential and underperforming federal programs, while Rep. Obernolte’s Balanced Budget Amendment, House Joint Resolution 32, would prevent further growth of the national debt by requiring the federal government to do what every American family across the country must do: make sure that their spending does not exceed the amount of money they bring in every year.
“Congress is currently grappling with a multi-trillion-dollar national debt as a result of recent spending packages, with more major spending bills coming in the future,” said Obernolte. “A rising national debt means slower economic growth, higher interest rates, crowded private investment markets and skyrocketing inflation. If we don’t put our fiscal house in order, my constituents will see higher prices at the grocery store, fewer jobs available, less federal investment in critical items such as improving our roads, a decrease in the value of our homes and a bigger monthly mortgage payment.”
Obernolte’s Balanced Budget Constitutional Amendment would amend the U.S. Constitution to ensure total federal spending for a fiscal year, as appropriated by Congress, does not exceed the amount of federal revenue. In January, the Congressional Budget Office projected the federal deficit will average $1.3 trillion between 2021 and 2030, even before additional major spending packages were passed. The result of this deficit is a federal debt projected to reach 180% of the nation’s GDP by the year 2050, the highest in U.S. history.
H.R. 263 creates a bipartisan committee within the U.S. House of Representatives to identify underperforming and nonessential federal programs and deliver reports to the House recommending their elimination or modification to reduce wasteful spending within the federal government.
The removal or adjustment of these programs will not only significantly decrease federal spending by reducing the size of the federal government but will also help to streamline the bloated federal bureaucracy.
Press Release – Redlands Community News
https://www.redlandscommunitynews.com/news/government/obernolte-introduces-legislation-constitutional-amendment-to-balance-budget/article_50464a56-8cae-11eb-aead-ff2b01773417.html