Under the deal, our debt is still likely to grow by another $10 trillion or more in the next decade. The poorly devised compromise plan led the S&P to downgrade of our credit rating and sent the stock market into a dive.
Bold action is needed to ensure that the United States does not slip into a financial crisis similar to the ones that have gripped several European nations.
I believe the only viable solution that will ensure our leaders get this fiscal mess in order and effectively take on the special interests in Washington is a balanced budget amendment to the United States Constitution.
In 1995, a balanced budget amendment passed the House of Representatives but failed to gain the necessary two-thirds margin in the Senate by a single vote. It would have most certainly been ratified by the states, most of whom have long operated under balanced budget procedures for their own state budgets.
At that point our national debt was around $5 trillion. Today we have an over $14 trillion national debt that is rapidly rising with no end in site.
A recent poll conducted by ORC International for CNN showed that a whopping 74 percent of U.S. adults support a balanced budget amendment.
Proposals currently in Congress for a balanced budget amendment are very reasonable. They would allow several years for the amendment to take effect and offer flexibility for a time of war that perhaps could be expanded to other national emergencies with clear guidelines for repayment.
A balanced budget amendment would not only force Congress to cut Washington waste and rein in a system that has spiraled out of control but also to adopt pro-growth policies that would help expand the economy and increase revenue without tax increases.
The debt ceiling compromise guarantees that a vote on a balanced budget amendment will take place in this session of Congress.
Let’s keep the pressure on our public officials to pass this important amendment and help get our great nation back on track.
George Phillips
Endwell
(Editor’s Note: The writer is a former and future, he says, candidate for Congress in the 22nd Congressional District)
Kudos to Kate
On May 20, 1991, the City of Kingston opened its Visitor Center at 20 Broadway. Ever since that day it has been open and manned by volunteers almost every day. Visitors have come to our city from every country in the world and most have gone away with a favorable opinion of our city.
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