A brief history of the Balanced Budget Admendment: The Balanced Budget Amendment would amend the United States Constitution by requiring -- through law -- that Congress pass a federal budget that balances projected revenues and expenditures, with certain exceptions (notably, a time of war).
1936 In 1936, Representative Harold Knutson (MN) proposed the first constitutional amendment to balance the budget (H.J. Res. 579, 74th Cong.). It would have established a per capita limitation on the federal public debt. 1979 The Senate Judiciary Subcommittee on the Constitution held eight hearings around the country on the balanced-budget amendment. 1980 Republican Pary: "If necessary, the Republican Party will seek to adopt a Constitutional amendment to limit federal spending and balance the budget, except in time of national emergency as determined by a two-thirds vote of Congress." Democratic Party: "We oppose a Constitutional amendment requiring a balanced budget." 1982 On 4 August, the Senate adopted (69-31) a balanced budget constitutional amendment (S.J. Res. 58 of the 97th Congress). The House did not take up this measure. 1985 Congress passes the Gramm-Rudman-Hollings Act (PL 99-177, Balanced Budget and Emergency Deficit Control Act), which requires automatic cuts in discretionary spending when Congress fails to meet specific deficit-reduction targets. 1986 On 25 March, by one vote the Senate failed (66-34) to adopt a balanced budget constitutional amendment (S.J. Res. 225 of the 99th Congress). 1987 In September, the House amends Gramm-Rudman-Hollings (P.L. 100-119) and adopts higher deficit levels. 1990 On 17 July, the House failed to achieve a two-thirds majority on H.J. Res. 268, a balanced budget constitutional amendment. 1992 On 9 June, the House failed to achieve a two-thirds majority on a balanced budget constitutional amendment. On 30 June and again on 1 July, the Senate failed (56-39) on a cloture vote which would have brought a balanced budget constitutional amendment to the floor. On 7 May, the most recent constitutional amendment, which prohibits a congressional pay raise from taking effect during the Congress in which it was adopted, was ratified. 1994 On 1 March, the Senate failed (63-37) to pass a balanced budget constitutional amendment (S.J. Res. 41 of the 103rd Congress). On 17 March, the House failed to achieve a two-thirds majority on a balanced budget constitutional amendment (H.J. Res. 103). 1996 On 26 January, the House passed a balanced budget amendment (300-132). On 6 June, the Senate failed to pass a balanced budget constitutional amendment (64-35). The US public debt is about 51 percent of current annual Gross Domestic Product. 1997 On 4 March, the Senate failed (66-34) to achieve a two-thirds majority on a balanced budget constitutional amendment. 2003 On 13 February, Rep. Ernest Istook (R-OK), introduced a balanced budget amendment. 2006 On 16 March, Congress raised the debt limit to $9 trillion. On 17 March, the total debt of the US federal government was $8.273 trillion. That's $27,690.88 for each adult and child in this country (estimated population: 298,798,379). Since the fiscal year began on 1 October 2005, debt has grown $2.03 billion per day. 2008 In October, the national debt exceeded $10 trillion for the first time. 2009 On 2 March, the total debt of the US federal government was $10.895 trillion. That's an estimated $35,635.54 for each U.S. citizen. J - Ninety percent of politicians give the other ten percent a bad reputation. - Henry Kissinger Politicians are people who, when they see light at the end of the tunnel, go out and buy some more tunnel. - John Quinton ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:338135 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
