Today Representative Clay Ingram (R-Pensacola) filed HM 499 Federal Balanced Budget Amendment, urging the United States Congress to adopt a constitutional amendment requiring the federal government to balance its budget each fiscal year.
"Our astronomical national debt requires bold action to be taken," Representative Ingram stated. "In Florida, we are required to make tough decisions every year to balance our own budget. The federal government should make those same tough decisions to ensure the future financial security of our nation. Every citizen is struggling right now, and families are figuring out ways to tighten their belts and be more frugal with their money. The national government is not exempt from this responsibility. The federal government must tighten its own belt and live within its means."
Representative Ingram pointed to the recent downgrade of sovereign U.S. debt and the debate surrounding long term deficit reduction as justification for a balanced budget amendment. "Florida's debt rating has remained a strong AAA thanks to our commitment to a balanced budget; the federal government should heed Florida's example," stated Representative Ingram.
Grover Norquist, noted advocate for conservative tax policy and president of Americans for Tax Reform issued the following statement concerning HM 499, “It is time the federal government was required to balance its budget each and every year. Government has grown too large, and this has largely been because it could spend money from future generations. This must stop.”