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Stenberg Says Balanced-Budget Amendment Is Inadequate

Don Stenberg said today that the balanced-budget amendment, which will be voted on by the US House of Representatives today, is “inadequate to restrain federal spending and is likely to lead to increased taxes rather than spending restraint.”

 
 
www.StenbergForSenate.com
www.StenbergForSenate.com
PRLog - Nov. 17, 2011 - Nebraska State Treasurer and U.S. Senate candidate Don Stenberg said today that the balanced-budget amendment, which will be voted on by the US House of Representatives today, is “inadequate to restrain federal spending and is likely to lead to increased taxes rather than spending restraint.”

http://www.StenbergForSenate.com

“What this amendment will do is let members of Congress say they voted for a balanced-budget amendment while knowing that the amendment will not seriously obstruct the out-of-control spending machine in Washington,” Stenberg said.

“This amendment only requires a 3/5 vote of each house of Congress to override the balanced-budget requirement and requires only a majority vote to increase taxes to comply with the amendment. This is a prescription for increased taxes, rather than restrained spending."

“I strongly urge the leadership of the US House of Representatives to bring forward S.J Res. 10 which has the support of all 47 Republican members of the United States Senate,” Stenberg said.

“That amendment requires a two thirds vote of both houses to override the balanced-budget requirement, requires a super majority of two thirds of both houses to increase any tax and would limit federal spending to 18% of gross domestic product."

More specifically, that amendment provides as follows:

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 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 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 fiscal year.
A majority vote for a specific excess above 18% for fiscal year during a declared war.
A 3/5  vote of Congress for a specific excess above 18% for 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.

# # #

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.

Photo:
http://www.prlog.org/11726940/1

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Source:Stenberg for Senate 2012 Committee
Phone:402-509-8100
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City/Town:Lincoln - Nebraska - United States
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Tags:Don Stenberg, Ben Nelson, deficit, nebraska, u s senate, Balanced Budget Amendment, congress
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