Wichita Standard

Reps. Ron Estes, Jodey C. Arrington, Rudy Yakym, Tim Burchett, Jeff Duncan, and Jake Ellzey have introduced H.J.Res. 113, the Business Cycle Balanced Budget Amendment. This proposed legislation aims to address the excessive spending and national debt of the United States by requiring the federal government to balance its budget.

The need for this amendment is underscored by the alarming statistics. As Rep. Estes points out, "Our country borrows about $90,000 per second, each American is on the hook for $100,000 of debt, and our national debt is expected to increase from $34 trillion to $36 trillion by the end of this year." These numbers are not mere talking points but undisputed facts that pose a serious threat to the nation's well-being.

Rep. Estes has been a vocal advocate for a balanced budget amendment. He emphasizes the urgency of addressing the spending crisis and fully supports Budget Chairman Arrington's proposal as an original cosponsor. According to Rep. Arrington, "With $34 trillion in debt and a sovereign debt crisis looming on the horizon, the fiscal health of our nation is in rapid decline." He believes that Congress lacks the political will to rein in spending and reduce the debt, which is why he introduced the Business Cycle Balanced Budget Amendment.

The proposed amendment offers a strategic approach to balancing the budget by using a three-year rolling average of revenue. This method allows for greater predictability from year to year and accounts for the fluctuations that occur during different business and economic cycles. It also establishes a gradual ten-year transition period from ratification to budget balance and allows for deficits in times of emergency.

If ratified, this amendment would compel the federal government to operate responsibly, similar to how American businesses and families manage their finances. It would force the government to live within its means and address the unsustainable levels of debt.

The introduction of the Business Cycle Balanced Budget Amendment by Reps. Estes, Arrington, and their colleagues is a significant step towards fiscal responsibility and tackling the nation's debt crisis. With mounting debt and a dire fiscal outlook, this amendment provides a mechanism to rein in spending and ensure a balanced budget for the future.