Washington, D.C. – U.S. Senator Marco Rubio issued the following statement regarding the Balanced Budget Amendment to the U.S. Constitution unveiled and co-sponsored by all 47 Senate Republicans today:
“The Balanced Budget Amendment proposed by Republicans today sends a message that Washington can no longer spend more money than it takes in, and that common sense principle should be enshrined in the Constitution. With a $14 trillion national debt, we are at a defining moment in American history and this amendment will force politicians in Washington to do what every family across our country must do in balancing a budget. While passing a Balanced Budget Amendment is important, we must also have a plan for fundamental tax reform, overhauling our regulations, cutting discretionary spending and adopting reforms to save our entitlement programs.”
The Balanced Budget Amendment to the Constitution unveiled today requires the president to submit and for Congress to pass a balanced budget each year, cap federal spending at 18 percent of gross domestic product, and require a two-thirds vote of the House and Senate to raise taxes.