Wyoming Liberty Group
Charlie Katebi and Glenn Woods of Boldrepublic.com discuss recent efforts by state legislatures to add a Balanced Budget Amendment to the Constitution and the impact it would have on our fiscal future.
Today Tuesday the House will hold its second reading of HB75, the Compact for a Balanced Budget bill that proposes a debt-limitation balanced budget amendment to the U.S. Constitution.
Yesterday's first reading included a vigorous debate, demonstrating that this is an issue the members of the House take very seriously. The vote, 35-23, also shows that while the idea of a balanced budget amendment is accepted in principle, there is still some hesitation as to whether or not the Compact is the right way to go.
This morning the House Revenue Committee passed HB0075 and HJ004, both proposing a so called Article V venue to put a balanced-budget amendment on the U.S. constitution. The two bills share the same goal, and the organizations that provide the background material - Compact for America (HB75) and the Balanced Budget Amendment Task Force (HJ4) - are for all intents and purposes fellow travellers. There is one major difference, though, between the two alternatives: the Compact model comes with a ready-to-go amendment; the Task Force, on the other hand, would leave it to the Article V Convention to draft the amendment.