Today, the Senate Republican Caucus began a coordinated effort to push for passage of the S. J. Res 10, the Hatch Lee Balanced Budget Amendment. Senator Mike Lee, a lead cosponsor of the bill, has consistently championed the need for binding, structural spending reforms like a constitutional amendment, even before joining the Senate.
The bill would force Congress to balance its budget each year, limit spending to no more than 18% of GDP, and require a supermajority vote in both the House and Senate before raising taxes or increasing the nationвЂ™s debt ceiling.
вЂњTo truly fix the spending problem in Washington, we have to fundamentally change the rules that govern Congress,вЂќ said Lee. вЂњIf we want to eliminate deficits, reduce the national debt, get control of spending, preserve our constitutional priorities, and save our economy, it starts with the balanced budget amendment. It is the only solution that guarantees future reforms will be enforced.вЂќ
A number of GOP Senators, including Lee, spoke in support of the amendment Wednesday morning on the Senate floor. They will also hold a press conference near the Ohio Clock outside the Senate Chamber. Floor speeches on the balanced budget amendment will continue Thursday, with Members planning to carry the message into the July 4th recess.