Balanced Budget Amendment Bad for the Nation
Washington, D.C. – Congressman Gene Green released the following statement on the Balanced Budget Amendment being voted on later today (H.J.Res. 2), which offers little to help the American people and will inevitably cause drastic cuts to Social Security and other essential programs:
“I am deeply concerned about the state of our nation's finances and agree that we need to examine legislative proposals to reduce our deficit to a level that is both manageable and sustainable so we can put our country on a path to economic stability and prosperity. I am open to the idea of a balanced budget amendment but I have a problem with the fact that this particular proposal does not explicitly exclude Social Security from the spending cuts. Social Security is an entirely separate revenue stream so it should not be raided to offset other expenses.
Social Security is solvent until the year 2036 without any changes, which means that there will be a need for reforms, but those reforms should be done separately from our efforts to balance our budget and put our nation on a better fiscal path. I also have concerns about the impact a mandate to keep a strictly balanced budget will have on our nation's future ability to respond to crises and answer any threats to our national security.”
Over 275 national organizations and over 423 state and local organizations have signed on to letters opposing H.J.Res. 2. Copies of those letters can be found here: National, State/Local.