Over the next few months, as a result of the Budget Control Act, lawmakers of both parties on the newly formed joint select committee will be in a position to make tough choices to rein in the mandatory and entitlement spending that is driving our long-term debt. We believe this work can be done without imposing job-crushing tax increases. We should be able to move forward on the areas in which we agree on the former, without tying them to areas of disagreement — such as the latter.
The House and Senate will also consider a constitutional amendment requiring the federal government to balance its budget. Ratification of a balanced-budget amendment would provide greater certainty about our nation’s fiscal trajectory over the long haul, helping private sector small-business people — who are being overwhelmed with uncertainty from Washington — to plan, invest and get back to creating jobs. That is the type of commitment to fiscal responsibility that S&P and other rating services are looking for.