TENNESSEE BECOMES THE 22ND STATE TO PASS APPLICATION FOR CONVENTION OF STATES TO EXCLUSIVELY CONSIDER A FEDERAL BALANCED BUDGET AMENDMENT
LEESBURG, Va., Mar. 11, 2014 - Scott Rogers, Executive Director of the Balanced Budget Amendment Task Force (BBATF) lauded the Tennessee General Assembly for recognizing its responsibility under Article V by passing a bipartisan resolution applying for a Convention of States under Article V to exclusively consider a federal balance budget amendment.
Yesterday, the Tennessee House passed HJR 548 by a vote of 89-2; last week, the Senate passed SJR 493 by a vote of 28-0.
"Congress remains mired in partisan gridlock with no end in sight, and has run up a debt of over $17 trillion which is completely unsustainable. Our children and grandchildren will unfairly bear this burden. We need to send a message that in order for America to prosper, Washington needs to get its fiscal house in order." -Speaker Beth Harwell (R-Nashville)
David Biddulph, Co-founder, BBATF thanked Rep. Dennis Powers (Jacksboro), House Speaker Beth Harwell (Nashville), Sen. Brian Kelsey (Germantown), Jim Brown (NFIB), Lou Marin (IAMAMERICAN), and others for their tireless efforts to pass this important piece of legislation for our nation.
"I am very encouraged by the results of the Tennessee vote. Americans are waking up to a federal government which continues spends $6.8 million dollars per minute, which is irresponsible, unsustainable and has no end in sight. The States must intercede though Article V to force Congress to balance our federal budget before it's too late," said Lou Marin, CEO, I Am American.org .
Bill Fruth, Co-founder BBATF provided expert testimony before the legislature on the dire need for a balanced budget amendment.
The U.S. federal government has run up a debt of over 17 trillion dollars, largely to underwrite past and present consumption using resources that should belong to future Americans. That debt continues to grow. Congress has shown itself unable or unwilling to operate within its means. Never before in the history of this country has one generation left the next generation in such a precarious fiscal situation.
The total U.S. debt has increased every year since 1957 (U.S. Treasury Department). Now only 10 countries out of world's 193 have a higher total debt to G.D.P. ratio than does the U.S. (107%). That list includes: Greece - 159%, Jamaica-147%, Italy-127% & Portugal-123%. (Source: I.M.F.) The non-partisan Congressional Budget Office recently estimated that under current law the federal government will be $27.2 trillion in debt by 2024 for an average increase in total debt of $1 trillion per year.
Former Chairman of the Joint Chiefs of Staff, Navy Admiral Mike Mullen stated, "I've said many times that I believe the single, biggest threat to our national security is our debt."
According to data compiled by the Balanced Budget Amendment Task Force, 22 states, including Tennessee, have "active" applications to hold an interstate meeting (convention) to draft a balanced budget amendment. Our nation is only 12 more states away from calling a limited convention under Article V.
The Balanced Budget Amendment Task Force is a non-profit, non-partisan coalition whose mission is to educate state legislators on their Constitutional power to propose and ratify a Balanced Budget Amendment to the U.S. Constitution that aims to quadruple family income and pay off the nation's debt within four generations.
To learn more about the national campaign for a U.S. Balanced Budget Amendment, visit http://www.bba4usa.org.