WASHINGTON, D.C. – U.S. Sen. Jim Inhofe (R-Okla.), a leading Senate fiscal conservative, joined Sen. John Cornyn (R-Texas) and all 43 other Senate Republicans Wednesday to introduce S. J. Res 7, a balanced budget amendment to the U.S. Constitution.
“Once again I am pleased to join my Republican colleagues to offer a common-sense Balanced Budget Amendment to the Constitution of the United States,” Inhofe said. “Our nation is in the throes of a terrible fiscal situation. Spending and deficits are out of control; the national debt is skyrocketing. Washington cannot pass a budget because the president is not interested in cutting spending; he only wants to increase taxes to fund his liberal agenda. The federal government, like every family in Oklahoma, should be constrained to spend only as much as it takes in. If President Obama and congressional Democrats are serious about creating a strong middle-class and strengthening the U.S. economy, they should begin with fiscal responsibility. This amendment would force Washington to put real limits on the size of government and have serious discussions about our nation's priorities."
Inhofe continued, “Since 1968, I have been advocating for a Balanced Budget Amendment to the Constitution. In fact, I still remember when then-Senator Carl Curtis of Nebraska called me and asked for my support. Since then, I have been a tireless advocate in both the state and federal legislatures to ratify a Balanced Budget Amendment to the U.S. Constitution.”
Under S. J. Res. 7, the Balanced Budget Amendment would require the president to submit, and Congress to pass, a balanced budget every year. The amendment also includes provisions that would prevent the federal government from growing unnecessarily by capping spending at 18 percent of Gross Domestic Product (GDP) and by prohibiting deficit spending, spending above the constitutional cap, and increasing taxes without Congressional supermajorities.