House rejects balanced budget proposal

Associated Press ^ | 11/18/11 | AP

[ilgipper]

From what I saw, this version of the BBA wasn’t that good anyway. The one this summer put limits on spending and taxation based on total GDP. The one rejected today did no such thing, which would have just meant more taxes and no limits on spending. Not a good solution.

[edpc]

We shouldn’t need amendments for a lot of things, but there they are.

[Abathar]

If they did do the Con-Con I want to see term limits put in there too.

I know we will lose a few good ones, but we will sure as hell make up for it with the idiot losers who would get thrown out too.

[seton89]

Hochul was given permission vote for it. She is still a dem.

[paul51]

If they can’t balance a budget without a BBA, they should resign. Jerks...all of them

[RockinRight]

Ryan?

[Jeff Head]

They were 21 votes short. Needed 282 - 144. So the four repubs and 17 more dems.

That’s what it will take.

[ctdonath2]

If it’s not under control after 2012 we are screwed.

We ARE screwed. It's not under control and it's not going to be under control until a $15T hit is taken by someone.

We're past the tipping point.
We need $1.3T in spending cuts + revenue increase just to stop the hemorrhaging. Since revenue maxes out at 20% of GDP, we're not getting more than $0.2T more there (and that's being optimistic). Spending cuts need be 50%, which ain't happening (we can't even reduce the legislated rate of increase, which is faster than GDP growth).
We need another $1T to pay off the debt in 30 (!) years.
We're at the point between dropping the glass and it hitting the tile floor. It's accelerating, but everything is OK. Until that last millimeter. Then it shatters.

I recall watching live news about the fall of the Soviet Union. Its fall and shattering was FAST. One comment stuck with me, never heard again, the truth: it collapsed because payroll could not be met.
Same will be here. All will function fine, despite the escalating rhetoric, until one day checks can't be printed - and no bureaucrats come to work the next week.

The money isn't there. The money won't be there until the government goes to austerity mode, which ain't happening in a country where austerity is, for all practical purposes, outlawed.

[USS Alaska]

Doesn’t matter. We don’t need an amendment to be responsible.

We may not need one but politicians absolutely need a Balanced Budget Amendment.

49 of the 57 states have a Constitution that requires a Balanced Budget, and if they didn't we'd be in even bigger trouble.

[Personal Responsibility]

Did this ammendment include tying spending to a set percentage of GDP? Balancing the budget without doing so is kinda pointless from our point of view.

[fabian]

Be prepared! Lock and load...

[St. Louis Conservative]

BBA is not gonna happen, and even if it does, it could easily backfire on conservatives by forcing tax increases.

[RetiredArmy]

If EVER the life of this Republic were on the line, this 2012 election is IT! The very surrivialability of the Republic is at risk. From the White House to Congress to State elections, the entire nation is at risk. If this insanity does not stop, this nation is done. Not nearly, but done! If the citizens of this nation do not wake up and take notice before it is too late, it will be destruction of the Republic. The Republic will burn to the ground. People have to get their collective heads out of the dark hole, of the TV, computer, cell phone, iPad screens and pay attention. This is the one and only chance we have to stop this. If it fails, then we are done. One man's opinion.

[Raycpa]

Doesn’t matter. We don’t need an amendment to be responsible.

If we need an amendment to be responsible then no amendment is going to help.

[DTogo]

...But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.

[ctdonath2]

They can’t balance the budget, period, lest they get ousted...all of them.

Rough numbers:
20% of the budget is untouchable debt service. Cut it and the system collapses.
20% of the budget is welfare. Touch it and 50% of voters revolt.
20% of the budget is social security. Touch it and 50% of voters revolt.
20% of the budget is defense.
20% of the budget is everything else.

They’d have to cut the last 40% completely just to break even.

[Jim Robinson]

Privatize social security and medicare. Shutter all federal health, education, housing, banking, environmental, welfare, agriculture, industry, commerce, space, R & D programs, etc, and return them to the states and the PEOPLE per the constitution. Bring our troops home and cut the fraud, waste and fat from the defense budget.

We can do it. We’re Americans!!

[RedMDer]

All contributions are for the Current Quarter Expenses.
Please donate early.

[Christian Engineer Mass]

"critics said a balanced budget requirement would result in drastic cuts in Medicare and other social programs when economic downturns put the budget out of balance"

OK so next put up a bill enforcing not balance, but SURPLUS. And in the good years the surplus shall be invested for the bad years. And this shall be phased in over 7 years.