I am delighted to introduce this first edition of the BBA4USA newsletter. We intend to make it a regular publication and to use it to keep you in touch with news and developments which relate to the campaign for a federal balanced budget amendment via a convention of states.
Our campaign for a balanced budget amendment began almost 7 years ago. The movement has grown exponentially in the past several years. We now have members in all 50 states. We have held Article V education symposiums in South Carolina, Ohio, Oklahoma, Michigan, Florida, Tennessee, and South Dakota. Our Constitutional experts have provided testimony before state legislative committees across the nation.
Our coalition has successfully partnered with state legislators to pass applications for a convention of states to solely consider a balanced budget amendment in New Hampshire and Ohio. Four additional states have a BBA application through one house; including, Georgia, South Carolina, Michigan, and Wisconsin. Twenty states have applied for a convention of states to solely consider a BBA. We are only 14 states away from a convention.
Unfortunately, our nation's debt addiction continues to grow unabated. The total U.S. debt has increased every year but 5 since 1930 (1947-1948, 1951, & 1956-1957). The total debt paid off in those 5 budget surplus years was... $22 billion. The U.S., under current law, is projected by the nonpartisan Congressional Budget Office (C.B.O.) to borrow an average of $2.7 trillion more per year until we are bankrupt.
However, there is still hope. 74% of Americans favor a balanced budget amendment. A strong Balanced Budget Amendment could, according to the C.B.O., in four generations: Pay off the national debt, quadruple family incomes, and cut taxes 30%. With your assistance we can avoid national bankruptcy and preserve our prosperity for generations to come.
Finally, I would like to thank you all of you who have contributed to the success of this campaign. It is through your hard work and dedication to our nation that we have been able to accomplish so much in such a short period of time.
Balanced Budget Amendment Task Force