Last week was a big step forward in trying to get our fiscal house back in order when all 47 Senate Republicans backed a Balanced Budget Amendment to the Constitution to cut spending, bring down the debt, and force government to live within its means. Working with a committed group of Senators, including my colleague Senator Mike Lee, I’m confident that we can move our country forward to ensure our children and grandchildren have a prosperous future.
Hatch, Senate Republicans Unveil Balanced Budget Amendment to Constitution
Specifically, S.J. Res. 10, the Balanced Budget Amendment:
- Mandates that total budgetary outlays for any fiscal year not exceed total revenues.
- Caps federal spending at 18 percent of GDP.
- Requires the President to submit a balanced budget to Congress every fiscal year.
- Requires a two-thirds supermajority for any new tax, any increase in tax rates, or any bill that is a net revenue raiser. Requires a supermajority to raise the debt limit.
- Allows for waiver of limits if there is a formal declaration of war, if the U.S. is engaged in a military conflict constituting a threat to national security, or if two-thirds of both the House and Senate approve.
Legislation to End Government Support of Fannie Mae, Freddie Mac
These two government-sponsored enterprises (GSEs) backed highly-risky mortgages to people who could not afford them with taxpayer guarantees. When the real estate bubble burst in 2008 with more and more Americans defaulted on their mortgages, Fannie and Freddie collapsed and were subsequently propped up with taxpayer dollars and then put into federal conservatorship. To read more click here.
Hatch Statement on House Budget Committee Chairman Ryan’s Budget Proposal
“In February, we saw the White House’s response: a budget that taxes, borrows, and spends too much – demonstrating a complete failure of leadership to confront our spending-fueled debt crisis. In contrast, Paul Ryan has put serious ideas on the table to reform Medicare and Medicaid, streamline our tax code, cut spending, and confront our debt.”
Bill to Ensure Census Bureau Counts Every American
This past week Senator Hatch introduced legislation that would require counting Americans abroad, including church missionaries.
In the past four decennial censuses, the Census Bureau has inexplicably limited its counts of U.S. citizens living abroad to federal employees, their dependents and the crews of merchant vessels living overseas. To learn more click here.
Amendment to Save U.S. Taxpayers $12 Billion
Senator Hatch offered an amendment to S. 493, that will save American taxpayers $12 billion.
“Over the past two years we have witnessed a colossal spending binge out of this White House, with federal spending now standing at 25 percent of our nation’s economic output. By eliminating a $12 billion blank check for this so-called lending fund that the Administration hasn’t even used, we are taking a concrete step to rein in Washington’s run-away spending and ensure hard-earned taxpayer dollars are not being used to bail out financial institutions.”
Senator Orrin Hatch
P.S. If you have any concerns which my office can help with, please visit my website at www.hatch.senate.gov.