[Congressional Record Volume 141, Number 19 (Tuesday, January 31, 1995)]
[Extensions of Remarks]
[Page E231]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


       PROPOSING A BALANCED BUDGET AMENDMENT TO THE CONSTITUTION

                                 ______

                               speech of

                           HON. FLOYD SPENCE

                           of south carolina

                    in the house of representatives

                      Wednesday, January 25, 1995

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the joint resolution (H.J. 
     Res. 1) proposing a balanced budget amendment to the 
     Constitution of the United States:
  Mr. SPENCE. Mr. Chairman, I rise today in support of a constitutional 
amendment requiring a balanced budget, and urge my fellow colleagues to 
do the same.
  I introduced legislation requiring a balanced budget constitutional 
amendment in 1973. Admittedly, much has changed since that time. The 
necessity for a constitutional budget amendment, however, has not. 
Indeed, after the astronomical increases in our national deficit in the 
past years, I would argue that this amendment is even more necessary 
today. Frankly, we have lost much time since 1973, and we cannot afford 
to wait any longer.
  Thomas Jefferson first proposed the concept of a constitutional limit 
in the Federal Government's ability to spend and borrow money. At that 
time, our Government was not shackled with enormous debts and interest 
payments. At that time, our Government had not mortgaged the futures of 
our children and grandchildren by replacing fiscal responsibility with 
fiscal folly.
  A constitutional amendment requiring a balanced budget will not 
single-handedly erase our debt. We will all have to make serious and 
difficult decisions in the next months. We will drastically cut 
spending. I would argue, however, that this amendment will provide each 
of us here with the discipline sufficient to make those tough 
decisions.
  Unlike other statutory schemes enacted in recent years, a balanced 
budget amendment to the Constitution cannot be changed or repealed by 
Congress. Upon ratification, Congress and the administration will be 
forced to enact those choices required to bring Federal spending in 
line with Federal receipts.
  Mr. Chairman, as a veteran of many debates on the merits of a 
constitutional amendment requiring a balanced budget, I ask that my 
colleagues join me in strong support of this amendment. It's the right 
thing to do, and now's the time to do it.


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