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This notice was posted on 14:00, 21 August 2006 (UTC).
Where any person is expected to purchase only what he or she can afford, the governments should have the same expectation. Deficit spending has no benefit to society, and incurs great expense paying for nothing but interest.
As of April 18th, 2006, the total U.S. government debt was over $8 trillion.
In 2005, the federal government paid $352 billion in interest payments for the national debt.
Balanced Budget Amendment Edit
An amendment to the U.S. Constitution should be made to require a balanced budget, stipulating methods to obtain it.
- No additional spending unless the money is there to pay for it.
- Cutting current spending.
- No change in taxes until the effects of the spending cuts are apparent.
- Single issue bills. No bill shall be passed unless it covers exactly 1 issue, riders being one of the greatest causes of over-spending.
Balanced Budget Amendment of 1997 Edit
Rep. Ernest Istook (R, Oklahoma) introduced a Balanced Budget Amendment to the House of Representatives in 1997, telling a Capitol Hill news conference, "It's hypocritical to say you oppose the deficit but don't support the balanced budget amendment."