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Dear FreedomWorks member,
As one of our million-plus FreedomWorks members nationwide, I urge you to call your senator and ask him or her to cosponsor the S.J. Res. 10 consensus balanced budget amendment which would require Congress to balance the federal budget every year. Over the past few weeks, several senators have introduced competing balanced budget amendments. They have come together in agreement over this new proposal. It would limit spending to 18 percent of Gross Domestic Product (GDP), it would require a two-thirds majority vote in both chambers to raise taxes, a three-fifths vote to increase the debt limit, and similar levels to exceed the limit in the case of war.
Federal revenue from taxes over the past 40 years has averaged about 18 percent of GDP, making 18 percent a reasonable limit for spending if Congress is in fact interested in balancing the budget for the long haul. Continuing to spend at current levels is unsustainable. The Congressional Budget Office released a report projecting that the federal deficit will reach a record $1.5 trillion this fiscal year and President Obama’s budget calls for trillion dollar deficits for years to come. That must not happen.
Congressional spending increased dramatically from roughly 19 percent of GDP to 24 percent during the last four years of Democratic control of both chambers of Congress. The national debt is now roughly equal to 100 percent of GDP. If we want economic growth to return and be a permanent part of American life, it is imperative that we dramatically reduce the role and scope of government. Rolling it back to 18 percent of GDP is a good start and would prevent the prosperity killing tax hikes that years of trillion dollar deficits would surely bring.
In the November elections, the American people spoke loud and clear: we want less from Washington. Cosponsoring and voting for this consensus balanced budget amendment will be an indication a Senator understands this. Enactment of the amendment will go a long way in ensuring Washington never gets so carried away with reckless spending again.
President and CEO
[Click here for a pdf version of this letter.]