From USA TODAY:
Republicans are urging President Obama to endorse a balanced budget amendment to the U.S. Constitution during his highly touted jobs speech next week.
In the GOP response to the president’s weekly radio address, Rep. Bob Goodlatte of Virginia said the federal government won’t control spending unless, like 49 states, it’s unable to go deeper into debt than it already is.
Both houses of Congress will vote on a balanced budget amendment this fall under terms of the bipartisan deal in August to extend the nation’s debt ceiling. That deal also called for at least $2.1 trillion in deficit reduction over 10 years, including at least $1.2 trillion still to be determined by a special congressional committee…
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EDITOR: The most import means the government has to combat inflation and recession / depression is fiscal policy whereby it decreases spending during the former and increases expenditures during the latter. To insist that the budget be balanced is to return the nation to the frequent “panics” and sharp recessions that plagued the nineteenth century.
