When “Cut, Cap and Balance” failed the Senate and both chambers of Congress regrouped around new plans, the first to go of the three crucial elements in the House’s original plan was a balanced budget amendment. Neither of the deficit reduction plans presently on the table provides for the passage of a BBA. It’s also the element of CCB most frequently decried as unrealistic. But political lights from Thomas Jefferson to Ronald Reagan have called for such an amendment, as this video from GOP Labs illustrates.
Let President Obama say, “We don’t need more studies; we don’t need a balanced budget amendment.” If ever any unfolding drama proved the need for such an amendment, the drama of the past week has been it. Leave cuts to Congress and what do you get? CBO-certified gimmicks on both sides — even on the side of one sincerely trying to garner savings, one who says he also “wanted more.”
As former President Ronald Reagan says in this video, “Most Americans understand the need for a balanced budget and most have seen how difficult it is for the Congress to withstand the pressures to spend more. … We tried the carrot and it failed. With the stick of a balanced budget amendment, we can stop government’s squandering and overtaxing ways and save our economy.”