The Tennessee General Assembly has passed a bipartisan resolution applying for a Convention of States under Article V to exclusively consider a federal balanced budget amendment.
The Tennessee House passed HJR 548 by a vote of 89-2 on Wednesday; 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," said Speaker Beth Harwell (R-Nashville). "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.”
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," said Lou Marin, CEO, I Am American.org. "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.”
Bill Fruth, co-founder BBATF provided expert testimony before the legislature on the need for a balanced budget amendment.
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 percent). That list includes: Greece – 159 percent, Jamaica-147 percent, Italy-127 percent and Portugal-123 percent. (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. The 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