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Hi there John,
You know the national debt is growing uncontrollably right now. I don’t have
to tell you that.
But if you’re like many Americans, maybe I do need to tell you something:
there’s still HOPE!
We have a solution to fix this problem
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and save future generations.
It’s time for Congress to consider a well-designed Balanced Budget Amendment
to the Constitution (“BBA”) as part of repairing Washington’s fiscal crisis and
putting the federal government on a path toward sound governance and
broad-based prosperity for all Americans.
Our nation is at a crossroads, with excessive spending and mounting debt that
not only drive inflation but also pose risks to economic growth and overall
stability.
According to a recent survey, an overwhelming 80% of voters support a BBA that
achieves balance within ten years.
I’m excited to see two promising BBA proposals emerge:
* Principles-based BBA: This approach establishes broad goals, leaving most
details to be outlined in statutory law. It allows for balance over multiple
years, with provisions for congressional supermajorities to approve emergency
spending and ten years to phase out deficits.
* Business Cycle BBA: Focused on the mechanics of achieving medium-term
balance, this proposal considers recent revenue to set annual spending limits
allows supermajorities in Congress to provide for emergency, and sets up a
10-year deficit phase-out.
While a well-crafted BBA holds promise, it's essential to recognize
limitations. A constitutional provision that can pass can’t address all issues,
but rather it would aim mostly to restore a balance norm with enforceable
supermajority requirements for exceptions. The implementation of supporting
legislation would be crucial for the finer details, and we must always hold our
legislators accountable. But that sure would be easier with the Constitution
insisting on a balanced budget!
I encourage you to stay informed about these developments and engage in
conversations about the best path forward for our nation's fiscal
responsibility.
My new briefing paper charts this path
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. John, I encourage you to read it so you can talk with your community and your
representatives with hope for sound solutions to our fiscal future.
Thanks,
— Kurt
Kurt Couchman
Senior Fellow, Fiscal Policy
Americans for Prosperity
Americans for Prosperity
4201 Wilson Blvd, Suite 1000,
Arlington, VA 22203
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