[Congressional Record Volume 157, Number 175 (Wednesday, November 16, 2011)]
[House]
[Page H7630]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   PASS THE BALANCED BUDGET AMENDMENT

  The SPEAKER pro tempore. The Chair recognizes the gentleman from New 
Jersey (Mr. Lance) for 5 minutes.
  Mr. LANCE. Mr. Speaker, as of November 14, 2011, the United States 
national debt is $14.973 trillion, according to the Department of the 
Treasury. With pending security auctions this month, it is inevitable 
that the national debt will reach the unprecedented level of $15 
trillion in the coming weeks. When the national debt reaches $15 
trillion, it means the U.S. debt-to-GDP ratio will reach 99.7 percent, 
and our debt will equal $47,900 for every living American.
  Since President Obama took office in 2009, the debt has gone up by 
$4.3 trillion. In the last 50 years, the Federal Government has only 
managed to balance its budget five times, most recently with President 
Clinton, a Democrat, and Republican control of the United States House 
of Representatives and Senate.
  Washington now borrows approximately 40 percent of every dollar it 
spends. Foreign investors hold half of our Nation's public debt and 
one-third of overall debt, not only from China, but from Japan, Great 
Britain, Saudi Arabia, and other places as well.

                              {time}  1010

  Admiral Mullen, the recently retired chairman of the Joint Chiefs of 
Staff, has rightly called the national debt ``the single biggest threat 
to our national security.''
  While we have made significant strides in reducing the cost of 
government over the last few months, much more needs to be done. The 
primary focus of this Congress and our new leadership has been to 
restore fiscal sanity and fiscal restraint to the Federal Government. 
We must remember that the money in the Treasury is not our money but it 
is the people's money, and we are charged with being good stewards of 
that money.
  There is only one way to ensure that future Congresses and 
Presidents, regardless of party, are unable to return to the reckless, 
out-of-control spending of the past, and that is to pass a balanced 
budget amendment to the United States Constitution. This week, Congress 
will vote on a balanced budget amendment to the Constitution for the 
first time in 16 years.
  In 1995, following passage by the House of Representatives, the 
United States Senate came within one vote of sending a version of the 
balanced budget amendment to the States for ratification. Since then, 
our total national debt has almost tripled. Today's proposal is nearly 
identical with the one that passed the House of Representatives with 72 
Democratic votes in 1995.
  Amending our Constitution should not be taken lightly. I will support 
the balanced budget amendment because I believe it is the right thing 
to do to help get our Nation's fiscal house in order. I would have 
preferred that the balanced budget amendment include a spending cap, 
but we need Democratic Members to achieve the necessary two-thirds 
majority required for a constitutional amendment to be sent to the 
States for ratification. That is why the amendment we will be 
considering almost mirrors the 1995 text.
  Before coming to Congress, I served in the New Jersey State 
Legislature, where I successfully sought reforms to ensure that our 
State government was responsible with the people's money. In 2008, the 
people of New Jersey passed by State constitutional amendment to 
require voter approval for all issuance of State borrowing. I am proud 
to be able to do my part here in Washington as well. Most States, 
including New Jersey, are required to balance their State budgets. If 
the Federal Government continues to spend what it does not have, the 
balanced budget amendment would provide a much needed safeguard to 
restrict future spending.
  As someone who tries to be a student of American history, I know that 
a balanced budget amendment is not a new idea. Thomas Jefferson was a 
strong proponent of the idea. He said: ``I wish it were possible to 
obtain a single amendment to the Constitution. I would be willing to 
depend on that alone for the reduction of the administration of our 
government.'' He was referring to a balanced budget amendment. Those 
were wise words when spoken, and they are wise words today.
  Passing a balanced budget amendment would also help move us closer to 
much needed economic certainty that our Nation desperately needs to 
boost the economy and help create jobs.
  When I was a boy and a young man, the fundamental issue confronting 
the Nation was the threat of the Soviet Union and international 
communism, the focus of evil in the modern world, as President Reagan 
said.
  The fundamental issue confronting the Nation in the 21st century is 
fiscal responsibility. Will our children live in a diminished America? 
Will the promise of America that each generation does better than the 
generation before it continue to exist? Will we continue to lead the 
world, or will leadership pass to China or India or to some other 
place?
  This is the great issue confronting the people of the United States, 
and it is the great issue confronting us here in Congress. Let us get 
our fiscal house in order. Let's pass a balanced budget amendment to 
the Constitution of the United States.

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