Since President Obama took office the national debt has increased by $3.7 trillion. To put that in perspective, it took the U.S. 216 years, from 1776 until 1992, to accumulate the same amount of debt that Obama has borrowed in 2.5 years.
It's higher than any time in American history, equaling more than 95% of our entire economy. We are currently borrowing roughly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
It's higher than any time in American history, equaling more than 95% of our entire economy. We are currently borrowing roughly 40 cents of every dollar we spend and sending the bill to our children and grandchildren.
House Republicans know that job creation is #1.
What America's leaders have to say on public debt.
Get the latest from House Republicans on the fight to balance the budget.
Fifteen years ago, the BBA passed the House with bipartisan support, only to lose by one vote in the Senate. Since then, the debt has grown by $9.2 trillion. The BBA is a game-changer, and fighting for its ratification is the ultimate solution to our nation’s fiscal crisis.The time to act is now. Our debt crisis is a legitimate threat to our nation’s future, and extraordinary problems call for extraordinary action. America cannot afford to wait any longer.
More about the Amendment »
With such an amendment, Americans would be better shielded from excessive spending and excessive deficits which lead to excessive taxes and result in excessive unemployment.
Passing a balanced budget amendment would help inspire renewed confidence among our nation’s job creators, many of whom are closing their doors and leaving the country for better business environments and taking job opportunities with them.
In order to restore certainty in our economy to bolster job growth and keep America competitive, we need to stop spending money we don’t have. A balanced budget amendment would help ensure that, and save the American dream for future generations in the process.
Passing a balanced budget amendment would help inspire renewed confidence among our nation’s job creators, many of whom are closing their doors and leaving the country for better business environments and taking job opportunities with them.
In order to restore certainty in our economy to bolster job growth and keep America competitive, we need to stop spending money we don’t have. A balanced budget amendment would help ensure that, and save the American dream for future generations in the process.
By Majority Leader Cantor (VA) and Rep. Jordan (OH)
Our Constitution has endured the passage of time with remarkably few changes, being amended just 27 times in 223 years. Unfortunately, America’s debt limit has not been nearly so stable.
By Majority Whip McCarthy (CA) and Chief Deputy Whip Roskam (IL)
It’s time for Washington to get serious about a balanced-budget amendment.
I am not among those who fear the people. They, and not the rich, are our dependence for continued freedom. And to preserve their independence, we must not let our rulers load us with perpetual debt. We must make our election between economy and liberty, or profusion and servitude.
— Thomas Jefferson
A striking new perspective on the foreign ownership of US debt. Take a look »
What has your family's share of public debt looked like over the years? Take a look »