Requiring federal balanced budget amendment
A formal resolution calling for the federal government to balance its budget was approved Tuesday by a Michigan Senate committee. State Rep. Paul Opsommer sponsored House Concurrent Resolution 6, and said failing to balance the federal budget could add another trillion dollars of debt.
“We’ve reached the point where we are taking out more debt just to pay the interest on the debt we already have,” said Opsommer, R-DeWitt. “The policies of the federal government over the past several decades represent a real threat to our sovereignty and self-determination, especially when almost half of the money is owned by foreign countries like China.”
Opsommer told the committee that federal debt as a percentage of Gross Domestic Product was at its highest point since World War II, which is an unsustainable level that won’t be paid off in his generation or his children’s generation. The debt breaks down to over $46,000 per resident.
“I’m blessed to have two beautiful grandchildren,” said Opsommer. “When they inherit these problems I don’t want them to be worse than they already are, and I don’t want them to wonder why my generation didn’t do more to stop us from going down a path towards disaster. We have to get things turned around now.”
As a state, Michigan already requires a balanced budget but must often match federal funds. “As a state, we just can’t keep up with federal spending,” said Opsommer. “We can’t print money or borrow to the point of being out of balance like Washington can. All we can do is raise state taxes, sell our assets to foreign banks, watch the President send our money to other states, or pass a federal balanced budget amendment. I think the best choice out of those options is very clear.”