The GOP has finally gotten serious about budget negotiations, and have asked for balanced budget amendment as part of deal to consider closing some tax loop holes.
One way to limit the outrages spending that has gone on the last few years, and avoid this debt limit problem in the future is to enact a balanced budget amendment. Up until now, it looked like this would be just another muppet show, with nothing achieved. We still have a long way to go, but the Republicans have either being playing it tight to the vest, it just remembered why they were swept into office 2010.
“Neither party is going to balance the budget unless there’s some discipline in the system,” Sen. Lindsey Graham, South Carolina Republican, said on CNN’s “State of the Union.”
In exchange for a constitutional amendment, Mr. Graham said he would be open to closing tax loopholes or identifying other ways to raise revenues, but only if those revenues go toward debt reduction. He rejected President Obama’s assertion on Friday that lawmakers can balance the budget without such an amendment, as evidenced by the spending binges of recent years.
The proposal would call for major spending cuts, capping federal spending and the balanced-budget amendment. In exchange for those three things, the debt ceiling would be raised.
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