Mr. Speaker, I would like to reiterate some of the comments of others here and make it very clear. We have been warned over the years in writing by the Congressional Budget Office, by the Government Accountability Office, and by Gene…
Mr. Speaker, I would like to reiterate some of the comments of others here and make it very clear.
We have been warned over the years in writing by the Congressional Budget Office, by the Government Accountability Office, and by Gene Dodaro, the Comptroller General of the United States, that our current financial path is unsustainable. In accounting language, that means insolvency and bankruptcies.
Back in 2015, by way of example, we as House Republicans had been able to successfully reduce America's annual deficits from the peak of $1.4 trillion under the Obama administration in the 2009, 2010, 2011, and 2012 timeframe, to approximately $438 billion in 2015. However, beginning in 2015, Washington took a wrong turn.
In 2016, the deficit increased to approximately $585 billion. In 2017, the deficit increased to approximately $666 billion. This year, the Congressional Budget Office just this week has warned us that we are looking at a roughly $804 billion deficit this year. Again, wrong direction. Wrong turn.
Next year, almost $1 trillion, and every year thereafter, $1 trillion or more hastening the day that the United States of America suffers from a debilitating, a dangerous insolvency and bankruptcy. Hence, it is very important that we become masters of our own fate. It is very important that we do not become the debtor--as warned in Proverbs 22:7--that becomes a slave to the creditor who becomes the master.
In that vein, let's be clear about who one of our masters is, one of our creditors: China--$1.2 trillion. Perhaps for the long term they will be a geopolitical friend, but there is also a chance that they will be a geopolitical foe. Do we really want them to have control over our fate as a country?
And let's be clear about the situation that we are in right now. Right now, if the Congressional Budget Office's projection of $800 billion is accurate, if, in fact, we are going to spend roughly $1.3 trillion in our discretionary budget that we just got through passing a few weeks ago--in my judgment, irresponsibly, but nonetheless that is in the past. It has happened. If that is going to be the case, if our creditors tomorrow were to simply cut us off, were to say we are not going to loan you any more money--which they have every right to do-- and if that $1.3 trillion was prorated, that $800 billion shortfall out of $1.3 trillion, you are looking at a roughly $400 billion cut to national defense. That would be their share of an $800 billion proration out of $1.3 trillion.
That puts national security at risk. So it is important that we have a balanced budget constitutional amendment that forces Washington, D.C., to act like every family has to act, to act like every city, county, and State government has to act, to act like every business has to act, and that is to act within our financial means, act within our financial resources.
That having been said, I am inclined to vote for this balanced budget constitutional amendment, but I have serious reservations about whether it is ineffective and somehow hollow. It needs to be stronger, and I urge the United States Senate to make it stronger if it passes this body and gets to the Senate.
Here are three of the problem areas that I have identified:
Section 2: ``The limit on the debt of the United States held by the public shall not be increased, unless three-fifths of the whole number of each House shall provide by law for such an increase by a rollcall vote.''
Mr. Speaker, three-fifths isn't going to cut it. It needs to be two- thirds or three-fourths or four-fifths, something substantial so that those of us who understand the economic risk of a national insolvency and bankruptcy who only constitute 10, 20, or 30 percent of this body are able to enforce this provision and force the United States Government to be financially responsible.
That is one area, increase that three-fifths to two-thirds or three- fourths or four-fifths.
A second area in section 5: ``The provisions of this article may be waived for any fiscal year in which the United
States is engaged in military conflict which causes an imminent and serious military threat to national security and is so declared by a joint resolution, adopted by a majority''--a mere majority--``of the whole number of each House.''
So let's be clear. In virtually every year since December 7 of 1941, we have had a military conflict. A sharp lawyer is going to say that it involves national security, which triggers a majority vote to go into deficit spending.
What is the law now? The law in the House is 50 percent plus 1, and you can pass a spending bill. The law in the Senate, though, is 60 percent because of their filibuster rule. So we are moving that 60 percent threshold down to 51 percent, thereby making it easier to pass a deficit-ridden bill.
Finally, this legislation has no express enforcement provision. What good is it to have a balanced budget constitutional amendment if there is no enforcement mechanism? I, as a United States Congressman, or any of my colleagues, 434 other Congressmen, United States Senators, Jane voter, Joe voter, they are not given the power under this constitutional amendment to enforce its terms.
Mr. Speaker, I urge the Senate then to change three aspects of this. Number one: increase that 60 percent to two-thirds, three-fourths, or four-fifths.
Number two: make sure that we adjust the problem with the majority vote whenever there is a military conflict--which the United States seems to perpetually be in.
And number three: have an enforcement provision so that we know this is not a hollow shell of a constitutional amendment; rather, it is one that has substance; rather, it is one that will help prevent a debilitating insolvency of a great Nation that it took our ancestors centuries to build.