Limit Federal Debt

First pay-go rule instituted in 1990, lapsed in 2002. Federal debt went from $3.2 trillion to $6.2 trillion.

Pay-go rule started again in 2006. Federal debt has gone from $8.5 trillion to $11.8 trillion.

David Broder’s column, “A Pay-Go Full of Loopholes”, in the July 22nd Washington Post, discusses the latest pay-go proposal.

President Obama has stated that the programs he wants to institute will cause another $9.0 trillion in deficits over the next ten years.

A Constitutional Amendment to limit federal debt will bring spending under control.

Pay-go rules have not slowed our governments need to borrow vast sums of money to support spending programs.

We need a constitutional Amendment to limit federal debt.

The 111th Congress had a Balanced Budget Amendment introduced in the House, H.J. Resolution 1. It was sponsored by 114 members.  The proposed Amendment had Eight Sections.  In Section 1 is where the first way to allow for an excess of outlays over receipts is set forth.  At least it should have been put farther down the list .

I do like aspects of the proposed Amendment, particularly requirements for roll call votes.

The simple way to control spending is to put a limit on federal debt.   The citizens of this country understand credit limits.

Fred Bonnell

I think the “Pay As You Go Rule” President Obama wants to renew is the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985, and Budget and Emergency Deficit Reaffirmation Act of 1987.

When the first Act was passed in 1985 the Federal Debt was $1.8 trillion dollars and now it is at about $11.4 trillion.

Budget acts are not going to restrain our governments spending.  It will take forceful citizen action to bring things under control.

The Federal Debt has gone up every year since 1957.  The presumption is the reason the borrowing has gone up for 52 years in a row is government spending.  You can view the history of  Federal Debt by clicking on the link, Historical Federal Debt, on the right.

The  Debt is now over $11.4 trillion dollars and the growth is not slowing.  There were instances in the past 52 years where a “Balanced Budget” was achieved.  Yet for some reason the Federal Debt continued to climb.  So rather than spend time debating what the budget is we need to establish a Federal Debt Limit.

We personally have to manage our finances in a manner that allows for unforseen circumstances and can not expect our children to pay off any debts we are not able to take care of.  Our government needs to operate the same way.

We need a Constitutional Amendment that puts a limit on Federal Debt that can only be increased in a National Emergency.

The debt limit could only be increased in case of a National Emergency declared by Congress.  A National Emergency is defined as an attack on the United States by a sovereign nation.  Then Congress has to declare war on that nation and institute a national military draft at the same time.  Then a National Emergency can be declared and the federal debt limit can be increased.

“I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt.”

Thomas Jefferson, third US President, architect and author (1743-1826)