The Importance of a Strong Balanced Budget Amendment
Under the Budget Control Act of 2011, Congress is required to vote on a balanced budget amendment to the Constitution. Senator Rubio is a strong supporter of a balanced budget amendment that would help end Washington’s spending spree. As he said in March:
In the Florida House of Representatives, we had to make the tough choices to cut spending where necessary because it was required by a balanced budget amendment. By no means was this an easy process, but it was our duty as elected officials to be accountable to our constituents and to future generations of Floridians. In Washington, a balanced budget amendment is not just a fiscally-responsible proposal, it’s a necessary step to bring to an end the decades-long legacy of out-of-control spending by both parties.
Senator Rubio’s strong preference is that any Constitutional balanced budget amendment considered by the Congress contain:
- a 2/3 supermajority to raise taxes;
- a 3/5 supermajority to increase the statutory debt limit, and;
- a cap on all federal spending, preferably at 18 percent of gross domestic product.
Each of these provisions is vital to ensure that a balanced budget amendment is as effective as possible to restrain spending and protect against automatic tax increases which would hurt job creation at a time when unemployment remains above nine percent nationally and near eleven percent in Florida.
All 47 Senate Republicans support Senate Joint Resolution 10, which contains all three of these provisions. Senator Rubio urges both the House of Representatives and the Senate to consider a strong balanced budget amendment like S.J.Res. 10 that most effectively limits spending and protects against tax hikes.