Don Stenberg Opposes Increase in Debt Ceiling Unless Three Conditions Are Met

July 8, 2011 - PRLog -- In a speech today at the Fremont Rotary Club, Don Stenberg, Nebraska State Treasurer and Republican candidate for the U.S. Senate, said President Obama and Senator Ben Nelson have no plans to address the nation’s budget deficits that threaten the U.S. economy. http://www.StenbergForSenate.com

“President Obama has no plan to balance the federal budget.  Senator Nelson has no plan to balance the budget.  Apparently they don't really care about our vast budget deficits, because if they did, they would do something about it,” Stenberg said.

“The Congress will soon vote on whether to increase the amount of money the U.S. government is allowed to borrow.  If I were a U.S. Senator today I would not support an increase in the debt ceiling unless all three of the following conditions were met.”

One.  Substantial cuts in spending that would reduce the deficit next year and thereafter.

Two.  The enactment of enforceable spending caps that would put federal spending on a path to a balanced budget.

Three.  Congressional passage of an amendment to the United States Constitution to require a balanced federal budget.  The balanced budget provision of our state constitution works well here in Nebraska.  We need to put that same spending restraint on the politicians in Washington.

“Thus far, 12 United States Senators have promised not to increase the federal debt limit unless these three conditions are met.  Those senators are Senators Coburn, DeMint, Graham, Hatch, Heller, Inhofe, Lee, Moran, Paul, Rubio, Toomey, and Vitter.”

“If I were a United States Senator today, I would stand with them to put our nation on a path to economic security.”

“The proposed amendment to the Constitution of the United States that I support would do the following.”

1.  It would require the Congress and the President to submit a balanced budget each year.

This requirement could only be waived by super majority votes of the Congress or during a declared war.  The exceptions would be as follows.

•   A two-thirds vote of Congress for a specific deficit for a fiscal year.

•   A majority vote of Congress for a specific deficit for a fiscal year during a declared war.

•   A 3/5 vote of Congress for a specific deficit for a fiscal year during a military conflict declared to be an imminent and serious military threat to national security, and the deficit must be limited to outlays made necessary by the identified conflict.

2.  A super majority of two-thirds of both houses of Congress would be required for any new tax or increases in the statutory rate of any tax.

3.  A super majority of 3/5 of both houses of Congress would be required to increase the debt limit; except only a majority would we would be required for a fiscal year during a declared war.

4. Federal spending would be limited to 18% of gross domestic product.  The spending limit could only be exceeded by a super majority vote of the Congress as follows.

A two-thirds vote of Congress for a specific excess above 18% for a fiscal year.
A majority vote for a specific excess above 18% for a fiscal year during a declared war.
A 3/5 vote of Congress for a specific excess above 18% for a fiscal year during a military conflict declared to be an imminent and serious military threat to national security with the excess to be limited to outlays made necessary by the identified conflict.

5.  The amendment would prohibit the courts from ordering revenue increases to enforce the amendment.

“The amendment would become effective the fifth fiscal year after ratification by the States.”

“The economic problems we face today are largely the result of ill considered federal government policies.  In order to have a stronger economy, we must send people to Washington who will support developing our domestic energy resources, repealing Obamacare, reducing federal regulation, and limiting federal spending.  That's why I'm running for the United States Senate,” Stenberg said.

Paid for by Stenberg for Senate 2012 Committee

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Mr. Stenberg served as Nebraska Attorney General from 1990-2002 and was elected Nebraska State Treasurer in 2010. GOP U.S. Senate nominee in 2000 against Ben Nelson. Genuine, lifelong conservative. Supports 2nd Amendment, pro-life, balanced budget.