Ahead of this weekвЂ™s vote in the Senate on two competing versions of a balanced budget amendment, Senator Lee urged his colleagues to support S. J. Res 10, the only version that he believes will lead to meaningful spending restraint.
вЂњAfter three straight years of record deficits, a national debt now larger than our entire economy, and losing our triple-A credit rating, Congress still hasnвЂ™t woken up to the seriousness of our situation,вЂќ said Senator Lee, a member of the Judiciary Committee. вЂњBy allowing spending to go unchecked, the opponents of a strong, structural spending restraint are threatening the future prosperity of every American.вЂќ
On Wednesday, the Senate will vote on Senator LeeвЂ™s balanced budget amendment and a version authored by Senate Democrats that allows Congress to easily circumvent any constitutional restrictions and avoid spending discipline.
Despite all the talk about spending cuts over the last year, Congress actually spent $145 billion more in fiscal year 2011 than it did in the previous year, according to the Congressional Budget Office. Lee said this proves the need for an external, structural spending restraint like S.J. Res 10, the Hatch-Lee Balanced Budget Amendment, to get the countryвЂ™s annual fiscal deficit and national debt under control.
вЂњEvery day we wait to do the right thing means making tougher and tougher choices later. If we start the process of balancing the budget now and begin prioritizing what we spend over the next seven to ten years, we can avoid the dramatic and draconian cuts that will occur as a result of doing nothing.
вЂњAll of us know that spending is the problem. A balanced budget amendment to the Constitution that keeps Congress and the President in check is the only real solution.вЂќ